Mahindra Group Chairmn Anand Mahindra (left) with Sri Lanka President Mahinda Rajapaksa (photo: the Hindu Times)
Indian Conglomerate Mahindra and Mahindra has announced plans to expand its operatons in Sri Lanka. Mahindra has already established a firm base for itself in Sri Lanka. It has been selling its range of tractors and utility vehicles for over a decade and has sold over 4,000 vehicles in Sri Lanka since.
The Mahindra group is worth over 7 billion US dollars and are in various business other than their main automobile trade. These include IT, financial services, hospitality, infrastructure development, trade and logistics.
Mahindra will first look to expanding their financial services in rural areas of Sri Lanka to capitalize on knowledge economies based on market similarities; “The Sri Lanka market almost mirrors the characteristics found in semi-urban and rural markets in India and we are therefore, keen to explore emerging opportunities in the country” said a company statement.
The firm will supply financing services to rural customers to aid them in purchasing tractors and other Mahindra vehicles. The firm also hopes to eventually get into financing all types of automobiles and even rural housing.
Mr Mahindra also told the Hindu Times that Mahindra was planning on introducing several new products to Sri Lanka, including the Maxximo, a technologically modern sub-1 tonne pick-up and heavy commercial vehicles. ‘We are also studying the possibility of introducing an electric car — the Mahindra Reva — in Sri Lanka in (the) future’ he added.