Cabinet has approved leasing 15 underused plantation properties to selected investors on a long-term basis.

The properties are managed by the Sri Lanka State Plantations Corporation, the Janatha Estates Development Board and Elkaduwa Plantations Ltd.

According to the Cabinet statement, the first phase of the initiative invited expressions of interest for 1,514 hectares of land, 10 tourism bungalows and suitable locations, and 15 inactive factories.

A total of 470 prospective investors submitted expressions of interest.

Shortlisted investors were subsequently invited to submit proposals, resulting in 44 proposals covering 30 property lots.

Following evaluation and recommendations from the relevant high-level procurement committee, 15 properties were selected for leasing.

The Minister of Plantation and Community Infrastructure submitted the proposal.