The feasibility study will involve the study of route alignments, estimation of transport demand and distribution, projected traffic loads and cost estimates.
The government will make available existing study reports and materials related to the setting up of a Mass Rapid Transit (rail) system or MRTS in Colombo.
The BOI, however, declined to specify the cost of the feasibility.
NEB's Chairman and Managing Director S Nagaraja said the Bangalore-based firm is involved in similar metro projects in cities of Hyderabad, Bangalore, Kolkota and Ahmedabad.
"We fell that metro rail will be the solution as well as necessity for all growing urban cities with more than two million people," Nagaraja said.