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.
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
The Cabinet has approved a proposal for Sri Lankans overseas to apply for their passports through an online system via the Lankan diplomatic missions.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
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