Indian companies seeking international expansion have strong prospects in Sri Lanka due to its geographic proximity and cultural ties, according to ITC Group CEO Sanjiv Puri.
Puri noted that shared cultural and historical links make it easier for Indian firms to adapt and operate in Sri Lanka.
Speaking during a visit with a delegation of CEOs from the Confederation of Indian Industry (CII), Puri emphasized that understanding local culture is key when entering a new market.
He highlighted that under Prime Minister Narendra Modi, India has rapidly opened up its economy and is actively pursuing multiple Free Trade Agreements (FTAs).
Addressing why Indian firms are looking to invest abroad despite India’s growth, Puri explained that Indian businesses have become more competitive, technologically advanced, and globally ambitious.
He pointed to the rapid revival of manufacturing sectors in India, especially in electronics and semiconductors, as a driver of outward expansion.
Indian enterprises now aspire to grow beyond national borders, with many choosing nearby countries like Sri Lanka as natural destinations for investment.
Notable Indian investments in Sri Lanka include ITC’s hotel project, CEAT’s tyre manufacturing, Piramal’s glass bottle plant, and Adani’s partnership with John Keells Holdings in a container terminal.
Additionally, Mazagon Dock Shipbuilders Limited recently acquired Colombo Dockyard PLC and plans to inject capital to revive the struggling company.
