Thursday Nov 14, 2024
Thursday Nov 14, 2024
Monday, 19 August 2019 01:01 - - {{hitsCtrl.values.hits}}
Mahindra & Mahindra (M&M) Ltd., a part of the $ 20.7 billion Mahindra Group, on Saturday, expanded its global footprint with the inauguration of its local automotive assembly plant at Welipenna. Christened Mahindra Ideal Lanka Ltd., this assembly plant is in collaboration with Ideal Motors of Sri Lanka.
The assembly plant rolled out its first product, the compact SUV KUV100, and will roll out a slew of products over the next three years.
The CKD assembly plant was inaugurated in the presence of Prime Minster Ranil Wickremesinghe, his Cabinet of Ministers, Malik Samarawickrama, Indian High Commissioner to Sri LankaTaranjit Singh Sandhu, M&M Ltd.Managing DirectorDr. Pawan Goenka, M&M Ltd.Chief of International OperationsArvind Mathew, and other dignitaries.
Speaking on the occasion, Goenka said: “The inauguration of this automotive assembly plant is a significant milestone for Mahindra’s foray into the Sri Lankan market. Sri Lanka is a key strategic market for us, and we are now fully equipped to deliver products customised to local needs on time.
I would like to thank the Government for their unstinted support and am very optimistic that this new assembly plant will not only add to industrial growth in the country but will also generate significant employment opportunities at our plant and at the supplier’s end.”
M&M Ltd.Chief of International OperationsArvind Mathewsaid: “Our partnership with Ideal Motors over the years has gone from strength to strength as we draw upon mutual synergies for a win-win association. I am confident that this new assembly plant will further maximise industrial activities, speed up operational effectiveness, and enable us to serve our customers better in Sri Lanka.”
Addressing the gathering at the inauguration, Ideal MotorsChairman Nalin Welgamasaid: “Ideal Motors and Mahindra have been partnering each other for a decade to deliver value to the customers of Sri Lanka. Today’s inauguration signals the epitome of our dream and ambition, which was to assemble a passenger vehicle locally, by partnering with an auto major like Mahindra known for their tough and rugged DNA. This new partnership will enable Sri Lanka to ‘rise’ and manifest its glory through the ‘Made in Sri Lanka’ route.”
“We in Sri Lanka can now proudly join an elite list of recognised car assemblers around the world,” said Ideal MotorsDeputy Chairman Aravinda de Silva.
“For the first time ever in the history of the SriLankan automobile sector, an auto manufacturer of world repute, M&M,has invested in an automobile assembly venture; and this is truly a landmark event. Weat the Ideal Group are privileged to be a partner in this historic event. A primary feature of this partnership between M&M and the Ideal Group is the transfer of the latest technology in the automobile industry to the talented Sri Lankan youth who will be the greatest beneficiaries of this venture,” he said.
“Apart from employment creation, this unique partnership will also create 35% local value addition, and it will further enhance the value addition process by promoting local entrepreneurship with the establishment of the automotive industrial park within this 65 acre property. This value-driven auto industry supply chain will take Sri Lanka’s auto sector and the industryto a new paradigm.I wish this unique project and all the people who worked so hard todate all the very best and a big thank you from the bottom of my heart,” de Silva added.
Mahindra Ideal Lanka will assemble the KUV100with a production capacity of 5,000 units per annum. Spread over 10+ acres, the plant boasts of state-of-the-art technologies and has been set up to further cement its relationship with the customers of Sri Lanka. Mahindra Ideal Lanka will localise four components; namely battery, tyres, seats and exhausts. The plant is expected to provide employment to the about 200 people directly and indirectly over the next two years.
Mahindra is one of the leading automotive players in the Sri Lankan market and has been present in the country for over 10 years. It has lead the way by creating a compelling value proposition in an otherwise crowded segment. The new assembly plant will roll out the KUV100, petrol K6+ variant to start off with, followed by other variants in the near future. A global brand, expanding locally in Sri Lanka, Mahindra has an on-ground team to focus on the needs and aspiration of the consumers with a local office in Colombo.
