IBEF: August 19, 2019
Auto major Mahindra & Mahindra (M&M) on Saturday announced the inauguration of its local automotive assembly plant near Colombo, Sri Lanka.
"Christened Mahindra Ideal Lanka Pvt. Ltd. this assembly plant is in collaboration with Ideal Motors of Sri Lanka. The assembly plant today rolled out its first product, the compact SUV, KUV100 and will roll out a slew of products over the next 3 years," the company said in a statement.
"Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka 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," Mahindra & Mahindra Managing Director Pawan Goenka said.
Mahindra Ideal Lanka will assemble KUV100, with a production capacity of 5,000 units per annum. The company will localise four components -- battery, tyres, seats and exhaust.
The plant is expected to provide employment to 200 people directly and indirectly over the next two years, the statement added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.