India’s Mahindra to assemble vehicles with Sri Lanka’s Ideal Motors
Mar 27, 2018 17:47 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Indian automaker Mahindra and Mahindra Limited (M&M) said it will invest up to Rs250 million to form a joint venture with Sri Lanka’s Ideal Motors Private Limited (Ideal) to assemble its vehicles in the island.
M&M will subscribe up to 35% equity stake in the joint venture with the rest held by Ideal Group, a stock exchange filing said.
The deal is expected to be completed by April 2018.
Ideal Motors is the sole authorized distributor for Mahindra vehicles and motor cycles in Sri Lanka.
(COLOMBO, March 27, 2018)