Sri Lanka expecting USD 100-mn FDI from India by end-December

MUMBAI: Sri Lanka is expecting a foreign direct investment (FDI) from India to the tune of USD 100-million by end-December, a senior Lankan Government official said on Thursday.

"We are targeting FDI worth USD 1,000-million by the end of this year (2009) and India's contribution this year is expected to be around USD 100-million," Sri Lanka's Minister of Investment Promotion, Navin Dissanayake, said here.

He was in the city to meet with Indian investors, including big conglomerates such as the Tata group.

In 2008, Sri Lanka attracted a total FDI of USD 889-million out of which India's contribution was USD 126-million, he said.

"Last year, out of the USD 126-million FDI which came from India, a major share of around USD 100-million came from Bharti Airtel," Dissanayake said.

India's largest mobile operator, Bharti Airtel, has started its mobile services in Sri Lanka under the Airtel brand.

The company has announced a total investment of USD 200-million till 2012 in Sri Lanka.

Bharti Airtel has also ventured into Seychelles, Jersey and Guernsey.