Business Times

Mahindra looking at opening a vehicle assembly plant here

By Chanaka de Silva

India's Mahindra and Mahindra Ltd. is considering opening a vehicle assembly plant in Sri Lanka to cater to both the local and export market of their vehicles, a top official said on Wednesday. Anand Mahindra, Vice-Chairman Mahindra Group, told a press conference in Colombo just before returning to India that this has been on the drawing board for some time. "...but now with the local market share of the vehicles steadily increasing and with the projections of sales coming in, it is now an opportune time to consider setting this in motion," he said.

“Having a market share of over 4,000 vehicles in Sri Lanka and the response of the one ton pickup compact truck, we hope to add new products to the range in the near future,” said Ramesh Iyer, Managing Director Mahindra & Mahindra Financial Services Ltd. He said Chennai emerging as the Detroit of India; Sri Lanka could position itself within that circumference as an assembly point for both local sales and as a re-export point to neighbouring countries.

“With the duty being brought down last year to almost half of what it was we have evaluated this project which we will be actively considering. This will be for local sales and taking our products to neighbouring countries as well. With the local number of vehicles increasing there is an opportunity for a local assembly here,” Mr Iyer added .

Having already established itself in the local market as leading seller of tractors and utility vehicles the group is now planning to further expand its operations in Sri Lanka, he added. Sri Lanka being a strategic market for the Mahindra group it is looking to expand its operations to other sectors of business of the group. The emphasis will be now on venturing into the hospitality and the financial sectors in Sri Lanka.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
T-bills, not cash for acquired lands
Mihin Air settles 60% of debt, monthly rev. $2 mln
Stock market learns to cope with price curbs
IMF team assessing Lankan economy
SEC seeks assistance of foreign regulators on ERI
Shangri-La to invest in 5-star hotel in Colombo
Comment - Waiting for budget 2011
Feature - tomorrowFITNESS: What is in store for us
Feature - Endowment envy: Investing to donate?
Feature - GSP+ loss will not be so hard: Fitch Ratings
Etisalat reaches magical figure of 3 mln customers, heads for 4 mln
SLT conducts Sinharaja workshop for Mahajana College, Jaffna
Pensioners: Grateful to be paid in Ceylinco saga
Banks reduce loan provisions to boost results
As WP controls national GDP, call for balanced growth across SL
Thonda commends Nestlé’s continued commitment to local dairy industry
World Bank country director ends term
Sampath aims to reach the top in credit cards
CB rejects accusations that it has no authority to invest EPF funds
Acme seeks Rs 250 mln funds for expansion
ADB Vice President visiting Sri Lanka
Child-resistance bottle cap being introduced by makers of Panadol
Kelaniya University bags gold in MTI start-up venture contest
Sri Lankan chicks going to Nepal
Public dialogue on Knowledge-based Development in Jaffna
CPC owes Rs 18.5 billion in oil hedging dues, to Standard Chartered Bank
Mahindra looking at opening a vehicle assembly plant here
SriLankan Airlines' first Trainee Technicians under European certification
Sri Lanka Telecom makes profits in June 2010 quarter
Business Leaders' classroom exercise for small entrepreneurs
Sri Lanka to reduce e-waste with private sector assistance
Planning buildings with concern for the environment, people’s health
Cargills moves into new headoffice from ‘grand old building’ in Fort
Asgiriya firm becomes sole agents for FENNER
Galpaditenne Tea Factory looking at 4 mln kilos of black tea output
Strike-hit Lanka Walltile threatens to sack contract workers
LOLC to spend nearly US$30mln in refurbishing
Japanese Prof. on lecture tour
Australian and Sri Lankan expatriates visit Sri Lanka
Tourism booms as room strength and hotels grow
Lanka Ashok Leyland partners SMB Leasing to serve North-East
Two new directors at Kotmale Holdings
DFCC Vardhana Bank offers housing, foreign education loans
Tropical Villas sold in larger tourism interest: Jetwing
‘Clean Power’ a new energy saving device for vehicles
Kiwi rugby stars teach safety to Air New Zealand fliers
Sparklink achieves 31 years of service excellence
JKH leads, Carsons No. 4 in the Colombo bourse
DHL launches new direct LCL services from South Asia Pacific to Slovenia
Softlogic slated to buy more into Capital Reach tomorrow
Shares inflated? Invest in the ‘real economy’
Stock market regulator plans to increase liquidity in Colombo bourse
Drop in interest rates not drawing investors to the markets
Some investors urge continuation of price curbs
EPF, Bank of Ceylon, NSB big stakes in Lighthouse Hotels Ltd
SEC's move to discourage quick buck gambler attitude comes under fire by players


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution