Mahindra & Mahindra told Indian media it will form a joint venture with Sri Lanka's Ideal Motors to assemble vehicles in the country.
The company will hold 35 per cent of the share capital in the joint venture(JV), with the remaining proposed to be held by Ideal or any of its affiliates, M&M said in a regulatory filing.
The new company will be formed for the purpose of assembly of vehicles in Sri Lanka and M&M's investment will not be more than 250 million Sri Lankan Rupees but subject to requisite RBI approvals, it added.
The company, however, did not elaborate what type of vehicles would be assembled through the new joint venture, the Economic Times reported.
Former President Mahinda Rajapaksa is due to vacate his official residence at Wijerama Mawatha, Colombo this morning, a Sri Lanka Podujana Peramuna (SLPP) source said.
Sri Lanka’s largest renewable energy project, the ‘Rvidanavi’ Solar Power Park project was launched in Siyambalanduwa today by President Anura Kumara Dissanayake.
The Presidents’ Entitlements (Repeal) Bill was passed by a majority of 150 in parliament today. However the opposition MP’s were absent during the voting.
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