India's Mahindra & Mahindra motor company on Tuesday announced that it will soon begin assembling vehicles in the island country of 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 percent 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 the 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. (New Indian Express)
lkboy Wednesday, 28 March 2018 09:39 AM
saman Wednesday, 28 March 2018 10:18 AM
Mahendra makes bad quality vehicles so who cares!
Labby Wednesday, 28 March 2018 10:20 AM
Now will everybody start criticizing this too? Not having Volkswagen doesen't mean we shouldn't have something else.
Mr.Clean Wednesday, 28 March 2018 10:22 AM
What about the workforce? Will they be Indians? It will be another Chinese affair.
Udda Wednesday, 28 March 2018 10:32 AM
Now that Ranils hold on the economic management is loosening, finally we might get a genuine car factory.
Ronnie Bugger Wednesday, 28 March 2018 10:39 AM
His name is not mentioned but if Ranil W is in the background of this, the reader better digest it with a pinch of salt and pepper. Remember the Wolkswagen fiasco ??
Warra Wednesday, 28 March 2018 11:19 AM
Mahindra is such a bad vehicle! They are made typically for the Indian roads only. They were unsuccessful here in Australia and closed down.
Prem Wednesday, 28 March 2018 11:42 AM
Of all the Great Industrial Countries on this planet,we have negotiated with India to build a vehicle plant here. Even African countries have got European car assembly plants.We must be fourth world.
bendunk Wednesday, 28 March 2018 11:45 AM
Just curious which one is Mahindra and who's Mahindra ?
Ceylon Wednesday, 28 March 2018 11:54 AM
Lanka government dont give permision if it is good for lanka.so wait and see if it ever happen.
Jaliya Wednesday, 28 March 2018 02:14 PM
Mahindra vehicles are designed to replace Oxcarts … not meeting emission standards noise or safety requirements. Who’s dumb idea is this ? Mahindra vehicles should be banned from importation. Sorry India it’s the truth.
Sincere Wednesday, 28 March 2018 02:55 PM
Burial ground for Indian junk?
Abdulla Wednesday, 28 March 2018 03:37 PM
If workforce is not Sri Lankan, Its a waste having this plant here, we would have more problems than benefits.
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