Sri Lanka, July 6 -- Indian companies looking to expand abroad have a good chance in Sri Lanka due to the island nation's proximity, ITC Group Chief Executive Sanjiv Puri said.

"I can tell you that Indian companies are particularly coming to Sri Lanka because there are a lot of cultural and historical ties. We understand each other better. When you are going to a new place, the culture becomes very important," Economy Next quoted Puri as saying here on Saturday.

Over the past 10 years, India has rapidly opened up under the leadership of Prime Minister Narendra Modi, said Puri, who is heading a delegation of CEOs from the Confederation of Indian Industry visiting Sri Lanka.

"India is in the process of, and has signed, Free Trade Agreeme...