Diversified conglomerate Mahindra & Mahindra is embarking on a major expansion drive for its range of businesses in Sri Lanka, the largest vehicle export market for the group, by foraying into two-wheeler and aviation segments.
The group is also keen on exploring possibilities in financing, hospitality, housing and IT sectors.
The group, which has already sold its first aircraft in Sri Lanka and will launch its scooters by the end of this year, is undergoing a brand building exercise in the country by joining hands with Sri Lanka Premier League (SLPL) as the title sponsor for the first edition of the tournament.
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," Mahindra & Mahindra (M&M) President (Group Strategy) and Chief Brand Officer S P Shukla told PTI here.
Because of its integrated approach towards the island nation, not just a individual company but the Mahindra Group sponsored the SLPL, the first edition of which ended last week, to create a brand awareness, he added.
When asked if it will continue its association with SLPL in future, Shukla said: "We cannot talk about contractual terms... Our sponsorship of the SLPL signals our intent to both expand and deepen our relationship with the country as it moves steadily towards greater economic progress."
On M&M's planned investment and revenue target from Sri Lanka, he said: "Every business has its own targets. It is difficult to talk about any specific target revenue or investment."
Elaborating on its future plans, Shukla, who is also the Mahindra Group Executive Board Member, said the Indian entity will foray into the Sri Lankan two-wheeler market by the end of this year.
"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," he said, adding all the products will be imported from India to Sri Lanka, which is at present the company's largest export market.
Ideal Group, Mahindra's partner in Sri Lanka, will sell the two-wheelers here. At present, M&M sells its range of commercial vehicles through Ideal Motors, besides joining hands with the group for the aviation sector.
Shukla said Mahindra Aerospace's subsidiary Gipps Aero has sold its first small aircraft, GA8 Airvan, in Sri Lanka. The company has appointed Ideal Favourite Aviation as its marketing, sales and service representative in the country
