Formed in 1999 and recognized by the University Grants Commission, the SLIIT aims to create IT professionals.
It is also a member of the international and commonwealth bodies of universities.
At present, it has more than 8,000 students and the annual intake of GEC Advanced Level dropouts is 2,500.
The SLIIT offers internationally-recognized degrees at a low charge, whereas it will cost more than Rs. 10 million to study for a similar degree overseas.
The institution also gives more than 100 scholarships each year to students from low income families.
What Wijayadasa says
At a media briefing at the UGC on September 31, Rajapakshe claimed the SLIIT has been left without an owner due to its handover to a limited liability company during the 100-day government after functioning under the Mahapola Trust Fund.
According to him, the handover decision was taken unilaterally, without cabinet approval, by Dr. Wickrema Weerasooria.
Now, there is no authority to take responsibility of the students at SLIIT, he said.
Rajapakshe said he has submitted a cabinet paper to annual the handover and to appoint a board of trustees to run the institution.
Profits from SLIIT will be credited to the Mahapola scholarship fund, he added.