Auto Major Mahindra & Mahindra (M&M) on August 17 announced the inauguration of its local automotive assembly plant near Colombo, Sri Lanka.
"Christened Mahindra Ideal Lanka Pvt. Ltd, this assembly plant is in partnership with Ideal Motors of Sri Lanka. The assembly plant today rolls out its first product, the compact SUV, KUV100 and will roll out and slew products over the next 3 years , "the company said in a statement.
"The 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 tailored to local needs, on time," Mahindra & Mahindra Managing Director Pawan Goenka said.
Mahindra Ideal Lanka will assemble the KUV100, with a production capacity of 5,000 units per annum. The company will localize four components – battery, tires, seats and exhaust.
The plant is expected to provide employment to 200 people directly and indirectly over the next two years, the statement added.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, market gurus insights and much more. Get Moneycontrol PRO for 1 year at a price of 3 months at 288. Use code FREEDOM.