Mahindra to enter hospitality, finance sectors

Vice Chairman and Managing Director Mahindra Group India, Anand Mahindra said that the fast growing Sri Lankan economy has created immense opportunities for foreign investors and the Group is ready to invest in Sri Lanka. After having discussions with President Mahinda Rajapaksa and senior government officials on investment opportunities in Sri Lanka, he was addressing the media in Colombo. Anand said that the opportunities and facilities for investment in Sri Lanka are encouraging. `

Anand Mahindra

"You have almost a 100% literacy rate and a very talented workforce. This strong HR base is an asset and encourages investors. According to our Group's Chief Business Economist Dr.Veena Mishra Sri Lanka will record around an 8% economic growth this year and double digit growth rate within the next few years. The high growth is fuelled by reconstruction of the North and East and the investment on infrastructure development and high economic growth of the Asian region", he said.

Mahindra has already established a base for itself in Sri Lanka where it has been selling its range of tractors and utility vehicles for over a decade.

The Group now plans to further consolidate its presence by entering into the hospitality and finance sectors.

"The Mahindra Group has a long and enduring association with Sri Lanka which is a strategic market for us. As a diversified federation of companies with a presence in several industries, we see immense opportunities for investment in the country," Anand said.

Over the years, our vehicles and tractors have acquired a reputation as fuel efficient, tough and rugged workhorses and we now look forward to expanding our footprint in the emerald isle, as it takes a step towards greater economic progress.

Mahindra's Automotive Sector has sold over 4,000 vehicles in Sri Lanka since its market entry. In fact, we are the market leader in the plus one tonne pick up category. India's No. 1 Compact Truck, the Mahindra Gio, which was launched in Sri Lanka a few months back, has evoked a good response. In keeping with our long term plans for this region, we are soon going to enhance our current product portfolio in the market with the launch of several new products, including the Maxximo, a technologically modern sub 1 tonne pick up and HCVs (Heavy Commercial Vehicles).

We are also studying the possibility of introducing an electric car, the Mahindra Reva - in Sri Lanka. Our channel partner for vehicles, Ideal Motors has created a countrywide sales and service network and has also expanded operations in the North and East areas of the country.

Mahindra Holidays & Resorts India Ltd.

Mahindra Holidays is India's leading leisure hospitality services provider with more than 110,000 members. The company has noticed an increased interest among its members and Indians, in general, to visit Sri Lanka. With convenient air connections to over ten Indian cities and affordable cost of travel, Club Mahindra expects the traffic to Sri Lanka to increase. Having established itself as the leading holiday company in India, an expansion into beautiful Sri Lanka, with its great tradition of hospitality, is a natural extension of the company's growth strategy.

Mahindra & Mahindra Financial Services Ltd.

Mahindra & Mahindra Financial Services Ltd. is a leading Non-Banking Financial Company in India, operating in the semi-urban and rural markets.

We specialise in financing automobiles and tractors, both new and pre-owned and have serviced over 1 million customers.

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, Anand said.

GW