The new law once in place will enable the government to take over Underperforming Enterprises and Underutilized Assets.
Artigala says once taken over, the first option would be to give those assets back to the same firm under a new agreement.
He said, if not, those assets will be given to a new investor or will be kept under government control.
According to Artigala, 38 firms including 20 BOI firms and two listed firms are being earmarked as holding assets which are not being properly used or used at all.
“We are focusing on taking over the lands given by the government for those private sectors firms on lease basis” added the Director General of the Public Enterprises.
The Director General further elaborating on the take over plans said, “We have found that some firms have not delivered what they agreed with the government when we leased those lands to them”.
Pelawatta Sugar, Lanka Tractors, Charmers, and Hilton Colombo are among the firms the government has earmarked as to having underutilized or underperforming assets.
Nearly 6300 hectares given to a listed firm is also on the cards to be taken over by the government.
This is amidst heavy protest from opposition political parties who say the move is suspicious.