POSTED AT 10:32 AM 28-03-2019
Mahindra to invest US$ 50 mn in Horana vehicle plant
Minister Malik Samarawickrama, Deputy High Commissioner of India, Dr. Shilpak Ambule, offcials from Mahindra and Ideal Motors after launching the Treo Electric Three Wheeler. Pictures by Sudath Malaweera
Sri Lanka’s foreign direct investment (FDI) will receive another major boost when Mahindra Group, India and Ideal Motors Colombo open their vehicle assembly plant in Horana in July, said Minister of Development Strategies and International Trade Malik Samarawickrama.
He was speaking at the launch of the first Electric Three Wheeler, Mahindra Treo and a range of commercial vehicles and buses conforming to the latest BS-4 emission standards to the Sri Lanka market in Colombo yesterday.
The Minister said that the total investment for the project would be US$ 50 million and would also open up new green collar jobs to youth.
Samarawickrama said that government is keen to promote blue and green economy and requested Mahindra Group to train Sri Lankan youth in technical skills which is important for building the future job market.
He also said that the introduction of an electric three-wheeler too was a very timely move by both Mahindra Group, India and Ideal Motors Colombo.
Deputy High Commissioner of India to Sri Lanka, Dr. Shilpak Ambule, said that India is making a great effort to go green especially in the transportation sector. “The government has created a special incubation centre to house electric motor cars and two and three wheelers start ups and assist them since it the future of mobility.”
“India is already the world’s largest two and three wheel market and we expect India to be the world’s third largest automotive market by the end of 2020.”
Arvind Mathew, Chief of International Operations, Mahindra & Mahindra Ltd. said, “over the last two decades, Mahindra has established a strong presence in Sri Lanka with trusted partners and a range of new age products. One aspiration of the country is to go all-electric. Mahindra has been working toward making the EV segment relevant for the masses. Today, we are delighted to be the first automobile company to unveil an all-electric three-wheeler, the Mahindra Treo, a sustainable choice for the last mile commute, in urban Sri Lanka. The product will soon be available in the market.” Founder and Executive Chairman Ideal Group, Nalin Welgama, said, “This is a proud moment for Ideal Motors, to be the pioneer in introducing the entire range of vehicles with BS-4 technology with a global brand such as Mahindra. This internationally accepted standard will now be present across the entire range of Mahindra Commercial vehicles sold in Sri Lanka”.
“We have also ensured the presence of backend BS-4 expert technicians across all our sales and service touch points. We are also privileged to unveil the Mahindra Treo – the electric 3-wheeler, thereby supporting the nation’s vision towards ‘Green’ automation for Sri Lanka.”
Together with Ideal Motors Ltd., Mahindra is the first automotive company in Sri Lanka to announce a full range upgrade to BS-4 vehicles, as per the latest norms of the Sri Lankan Government.