Mahindra to broaden business horizons in Sri Lanka
Mahindra Group, the event sponsors of the concluded Sri Lanka Premier League (SLPL) and one of the Indian corporate giants, reaffirmed its commitment towards continued and sustainable business in Sri Lanka at an event held recently.
President-Group Strategy Shriprakash Shukla said that the company believes the present situation in the country conducive for further investment.
“Sri Lanka is on the brink of economic growth and we believe that this is the ideal opportunity to invest in the transport and tourism sectors. We hope to be a part of this growth,” he said.
Shukla was flanked by Zhooben Bhiwandiwala – Exectuive Vice President of Mahindra Group and its Lankan partners Ideal Group Chairman Nimal Welgama and former ace Lankan cricketer Aravinda De Silva, who is also the Vice Chairman of Ideal.
Mahindra is valued with a portfolio of over US$ 15 billion and boasts of an arsenal of over 15,000 employees representing 104 countries who contribute towards its daily operation. The main forte of the business being transport, Mahindra & Mahindra currently possesses a significant presence in the island in the automobile and tractor markets.
Over 10,000 units of Mahindra products are currently being used by the Lankan population, which has helped Mahindra emerge as the market leader in the 1-1.5 tonne pickup category.
They however affirmed the group’s commitment to expand the boundaries and enter into the two-wheeler, aerospace and vehicle finance markets in the future. Answering a question posed by journalists as to the feasibility of entering into the aerospace industry, the group said that they have already concluded work on an air carrier.
Welgama said that the Ideal group also believed there is potential for the aerospace market to develop in the country.“If you look at the current tax rates, it would be cheaper to buy one of our products than a luxury car,” he said in jest.
He also said that the increase in tax rates of vehicles will not have a significant impact on the business of the group. Speaking further at the event Shukla said that the group believed the investment made towards SLPL will bear fruit in due course. “Only a few cricketing nations today don’t have a league of their own and we believed it was the most pertinent time to start a league in the country. We are confident that through our activities with cricket, we’ll be nurturing the sport and helping discover new talent for the country,” he said.