India’s leading automaker, Mahindra and Mahindra Limited (M&M) announced setting up of a Joint Venture (JV) with Sri Lankan company, Ideal Motors Private Limited (Ideal) for assembling of its vehicles in Sri Lanka. M&M will subscribe up to 35% equity stake in the JV with remaining stake held by Ideal and its affiliates. The acquisition is expected to be completed by April 2018. M&M’s investment in the JV would amount to Sri Lankan Rupee LKR25cr (Rs10.41cr assuming the rate of Rs0.42/LKR).M&M already has a presence in Sri Lanka for nearly a decade. Since November 2009, Ideal Motors has been the Sole Authorized Distributor for Mahindra Motor Vehicles and Motor Cycles manufactured by M&M. It has sold more than 50,000 M&M vehicles in Sri Lanka till date. The JV will further establish M&M’s position as a leading automaker in the island nation. M&M already enjoys 50% market share in the “above 1 Ton” category and 35% market share in the “below 1 Ton” category.
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