SLBC is set to undergo a significant restructuring initiative

 Minister Vijitha Herath announced that these funds will be used to modernize the loss-making broadcasting entity and to implement a voluntary retirement scheme for its employees.

In a strategic move, a portion of SLBC land in Ekala has already been sold to the Urban Development Authority for 1,286 million rupees. To date, the SLBC has received 525 million rupees from these transactions, with 205 million rupees allocated as compensation for staff opting for voluntary retirement.

The Cabinet of Ministers has approved 25 modernization actions for SLBC, utilizing 145.72 million rupees from the remaining funds. 

This comes in light of the corporation's financial struggles, having reported losses of 532 million rupees in 2023 and 235 million rupees in 2022, according to Finance Ministry data.

Additionally, another 2 acres of SLBC land will be transferred to the Ceylon Electricity Board (CEB) for 320 million rupees. This land will be used to construct a grid substation aimed at ensuring a consistent electricity supply to the Ekala industrial zone, addressing the growing demand in the area.

This initiative follows a commitment from the current minority transition government to avoid selling state assets, countering the previous administration's approach to restructuring state-owned enterprises.