• Tuesday, September 27, 2022

Business

Sri Lanka to procure 750 jeeps, 500 buses from India

Sri Lanka announced its plan to procure vehicles from India after finance minister Basil Rajapaksa’s recent visit to New Delhi. (Photo by ISHARA S. KODIKARA/AFP via Getty Images)

By: Chandrashekar Bhat

SRI LANKA has decided to procure 750 jeeps and 500 buses from India under the credit line it received from New Delhi, the island nation’s government announced in Colombo on Tuesday (4).

The decision to purchase the 750 jeeps from Indian auto manufacturer Mahindra & Mahindra was taken during a cabinet meeting on Monday (3).

“Police will have its fleet of vehicles upgraded with the procurement of jeeps from India under the credit line approved for the purpose,” according to a statement issued by the cabinet.

Approval was granted to a proposal from the minister for public security to award the procurement contract to Mahindra & Mahindra.

A proposal from the minister for transport was also approved to purchase 500 buses of 32-35 seating capacity from India.

In 2020, India extended a $100 million (£73.88m) line of credit to Sri Lanka to help the island nation finance various projects.

In October 2021, Sri Lanka again sought a $500m (£369.41m) credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the country.

Basil Rajapaksa, the island nation’s finance minister, visited Delhi last month to expedite economic cooperation with India.

(PTI)

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