Mahindra team to develop vehicle assembly plant in Sri Lanka | Sunday Observer

Mahindra team to develop vehicle assembly plant in Sri Lanka

At the signing of the agreement in April.
At the signing of the agreement in April.

In April this year. Mahindra & Mahindra entered into a joint venture with Ideal Motors Ltd., a fully owned subsidiary of the Ideal Group, to assembly automotive vehicles in Sri Lanka.

Mahindra holds a 35% stake in the JV, while Ideal Motors will have a 65% stake. Ideal Motors has been a trusted Mahindra distributor for the past nine years, and with this joint venture Mahindra will strengthen its presence in the country.

The plant will be developed over the next one year under the expertise of the Mahindra team, and will incorporate global technologies.

“Sri Lanka is one of Mahindra’s top three export markets and the new facility will not only contribute to human capital development, but will also enable collective development of local automotive components manufacturers to international standards under the global expertise of Mahindra.

This is a leap forward for the Industry, adding value to the meaning of ‘Made in Sri Lanka’ and opening broader opportunities for national growth,” said Founder chairman of Ideal Motors, Nalin Welgama.

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