Mahindra & Mahindra to assemble vehicles in Sri Lanka
India’s homegrown auto major Mahindra & Mahindra on Tuesday announced that it will soon begin assembling vehicles in Sri Lanka, though it did not disclose the type of vehicles to be assembled or the scale of the operation.
According to a filing with the stock markets, the company stated that it will build and operate the facility through a joint venture with Sri Lanka’s Ideal Motors, where it will hold a 35 per cent share capital with the remaining proposed to be held by Ideal or any of its affiliates.
“The new company will be formed for the purpose of assembly of vehicles in Sri Lanka and will be subject to RBI approvals,” the company stated. Mahindra & Mahindra’s investment in the JV will not be more than 25 crore Sri Lankan rupees (Rs 10.4 crore).
The past year has seen Mahindra & Mahindra ramp up their overseas businesses.In September 2017, the firm had acquired Erkunt Traktor Sanayii AS, a Turkish tractor maker and its foundry business for Rs 800 crore through Mahindra Overseas Investment Co.(Mauritius) Ltd.
The beginning of the current financial year had also seen Mahindra’s top officials talk about the need for Mahindra to have a base outside India.
(Source: Express News Service)
Latest Headlines in Sri Lanka
- Sri Lanka turns to Indian and Russian companies to manage Chinese-funded Airport April 26, 2024
- Sri Lanka’s state revenue surges to record Rs. 834 Billion in first quarter 2024 April 26, 2024
- Army soldier killed, 9 injured in Mankulam cab-lorry collision April 26, 2024
- Electricity trade unions to take legal action against Sri Lanka Electricity Bill April 26, 2024
- Gotabaya Rajapaksa refutes Cardinal Ranjith’s allegations on Easter Sunday Attacks April 25, 2024