Mahindra Group plans expansion in SL

Sanjeevi JAYASURIYA

Mahindra Group will expand its foot print in Sri Lanka with plans to foray into two wheelers, aerospace and vehicle finance. The company has presence in automobiles and tractors already in the country which is one of the India's leading business houses worth US $ 15.4 billion.

"We will have an integrated view of Sri Lankan economy and look in to opportunities to expand our business line. Our plan is to offer value for money products as we are in to diversified sectors of aviation, hospitality, financing, power and manufacturing of vehicles. We see Sri Lanka as a potential market with better growth prospects," Mahindra and Mahindra Ltd. President Group Strategy and Member of the Group Executive Board Shriprakash Shukla said.

With the duties slashed in the selected categories of vehicles there was a heavy inflow and more three wheelers were imported. This has come down by huge margins with the recent duty increase. We are in to light trucks category which is the dual purpose main segment of Mahindra Group and Sri Lanka is an important market for us, he said at a press conference held last week in Colombo.

Mahindra and Mahindra entered into a partnership with the Sri Lanka Premier League as its Title sponsor, as part of its strategy to leverage sporting events to build its brand equity in various markets.

"Our sponsorship of the Sri Lanka Premier League signals our intent, to expand and deepen our relationship with the country as it moves steadily towards greater economic progress. The Mahindra Group has enduring relationship with Sri Lanka which is an important market for us within the subcontinent.

Over the past ten years, our vehicles and tractors have carved a distinct niche for themselves with their tough, rugged and fuel efficient nature,' he said.

Mahindra and Mahindra Ltd has been present in Sri Lankan auto market since 2002 with its product portfolio consisting of Bolero and Scorpio SUVs and Pick Up range.

The company sold over 10,000 vehicles in the country this year and has emerged as the market leader in the pick up category with over 50 percent market share. In less than a year since its launch, the Maxximo has achieved a market share of 40 percent plus in the more than one tone mini truck category.