Sri Lanka's Cabinet Ministers have approved the proposal to transfer the management of the Mattala Rajapaksa International Airport to private companies from Russia and India, a report by EconomyNext said.
The cabinet spokesperson, Bandula Gunawardena, announced on Friday that a total of five companies had submitted Expressions of Interest.
After careful consideration, the cabinet unanimously approved the decision to award the contract to the Russia-India joint venture on a 30-year contract.
Shaurya Aeronautics Pvt Ltd of India and Airports of Regions Management Company of Russia are set to take over the management of a China-built airport that has faced challenges in attracting regular air traffic.
Despite offering various concessions to international airlines, such as discounts on landing and parking charges, the airport struggled to gain significant traffic.
The involvement of Indian and Russian private firms is expected to bring much-needed expertise and investment to enhance the airport's operations and attract more international flights.