M&M looking to widen its horizons; enters Sri Lankan two-wheeler and aviation sectors
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Mahindra and Mahindra (M&M) Limited, the Indian multinational auto maker, has announced massive expansion plans in Sri Lankan two-wheeler and aviation markets. Currently, the country happens to be M&M's favourite territory, as the Indian auto major has already closed the deal of its first airliner in Sri Lanka and most recently sponsored the Sri Lanka Premier League (SLPL) in a brand awareness campaign.
The company is aiming to establish itself as a popular brand before launching its new range of scooters in Sri Lanka by this year's end. Reportedly, M&M is also contemplating new ventures in Sri Lanka in the fields of finance, hospitality and Information Technology (IT) among others.
According to Press Trust Of India (PTI), S P Shukla, President (Group Strategy) and Chief Brand Officer, M&M, said, “We are not looking at Sri Lanka through the prism of only one business, but as an integrated part of the group. For Mahindra, Sri Lanka is a complete strategic fit for our entire range of businesses.”
When enquired about investment and profit expectancy from the company's new venture, Shukla said, “Every business has its own targets. It is difficult to talk about any specific target revenue or investment.”
Sri Lanka is M&M's largest export destination and the company has revealed it will export all its products from India. Shukla further added, “We will enter in a big way. Our entry into the passenger segment will be by first launching the scooters and then we will introduce our motorcycles.”
Reportedly, Ideal Group, M&M's current ally in Sri Lanka, will be handling the sales operations of two-wheelers, which are slated to be launched this year. The Indian auto major is currently selling its products via Ideal Motors and also has coordinated with the Sri Lanka based company for its maiden venture in aviation segment.
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