As part of ambitious plans to expand its presence abroad, Mumbai-based automobile manufacturer Mahindra & Mahindra has established its first completely knocked down plant in Sri Lanka which will produce a wide variety of utility and commercial vehicles, reports The Economic Times.
The automotive assembly plant will allow for huge savings on taxes and duties for Mahindra & Mahindra. Its vehicles can now be priced more in line with competitors in Sri Lanka.
The plan has been inaugurated at Welipenna, near the capital city of Colombo, and has been set up in a joint venture between Mahindra & Mahindra’s Sri Lanka subsidiary and a local partner, Ideal Motors.
The inauguration of the facility was attended by Sri Lankan dignitaries like Sri Lankan Prime Minister Ranil Wickremesinghe, Cabinet minister Malik Samarawickrama, as well as the Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu.
Mahindra & Mahindra managing director Pawan Goenka, also present on the occasion, stated, "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 of Sri Lanka 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 supplier’s end."
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