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"Christened Mahindra Ideal Lanka Pvt. Ltd, this assembly plant is in collaboration with Ideal Motors of Sri Lanka. The assembly plant today rolled out its first product, the compact SUV, KUV100 and will roll out a slew of products over the next 3 years," the company said in a statement.
"Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka market. Sri Lanka is a key strategic market for us and we are now fully equipped to deliver products customised to local needs, on time," Mahindra & Mahindra Managing Director Pawan Goenka said.
Mahindra Ideal Lanka will assemble KUV100, with a production capacity of 5,000 units per annum. The company will localise four components: battery, tyres, seats and exhaust.
The plant is expected to provide employment to 200 people directly and indirectly over the next two years, the statement added.
Mahindra & Mahindra Ltd ended at Rs527.60 up by Rs4.2 or 0.8% from its previous closing of Rs523.40 on the BSE.
The scrip opened at Rs524 and touched a high and low of Rs531.40 and Rs516 respectively. A total of 32,16,524 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs65,590.84cr.