De Silva said in a statement that a government minister had said in parliament that four acres had been leased to India's Krrish group for 99 years for 450 million US dollars with 49 million US dollars already paid and the balance 90 percent to be settled by December 15.
De Silva said he believed the actual number to be 4.9 million US dollars and the minister may have made a mistake.
De Silva said parliament was informed in response to a query by the opposition leader in November that the agreement was already revised once, where Krrish was supposed to have made a 20 percent down payment and the balance within seven days of starting a company in Sri Lanka.
De Silva said he hoped the deal was concluded on December 15 and he expected an announcement from the administration.
"However if Krrish Group is either unable or unwilling to meet the conditions of the revised agreement the Government must take immediate steps to cancel this agreement on underperformance as per the expropriation legislation enacted last year that was selectively applied only on certain identified investors," he said.A number of Sri Lankan and foreign firms which had been given state land were expropriated last year for what the state called underperformance and under-utilization through controversial legislation this year.