Hong Kong-based private equity firm Transwell Corporation Limited has put forward an unsolicited turnaround proposal for state-owned SriLankan Airlines, opening a new potential path for the carrier’s restructuring and ownership future. The offer, disclosed by Sri Lanka’s deputy minister for ports and civil aviation, comes as the government weighs options for the airline, which remains central to the country’s aviation network and broader privatisation discussions.
The proposal is being reviewed alongside the work of a state-appointed restructuring committee led by Hans Wijasuriya, which has already begun gathering industry data. Its recommendations are expected in about six months. If the process moves forward beyond the initial review stage, the government may seek an expression of interest or request for proposal, signalling that any eventual deal could involve a competitive process rather than a direct award.
SriLankan Airlines has faced repeated restructuring pressure in recent years, and the latest proposal adds a private-sector option to the government’s evaluation. The airline’s future could range from a turnaround under new investment to a broader divestiture process, depending on the committee’s findings and the administration’s next steps.