India’s Mahindra and Mahindra Limited to form joint venture with Sri Lanka’s Ideal Motors Private Limited
The joint venture between India’s Mahindra,Mahindra,Sri Lanka’s Ideal Motors is yet another such endeavor in the long list of joint ventures (M&M) has said it will invest up to Rs. 250 million to form a joint venture with Sri Lanka’s Ideal Motors Private Limited.According to reports, the joint venture is aimed at assembling Mahindra and Mahindra vehicles in Sri Lanka.The stock exchange filing has reportedly noted that Mahindra and Mahindra will subscribe up to 35% equity stake in the joint venture with the rest being held by Ideal Group.The deal is expected to be completed by April 2018, reports state.Ideal Motors is the sole authorized distributor for Mahindra vehicles and motor cycles in Sri Lanka.
The joint venture between India’s Mahindra and Mahindra and Sri Lanka’s Ideal Motors is yet another such endeavor in the long list of joint ventures that are formed between Indian and Sri Lankan companies. The high level of bilateral and trade relations between India and Sri Lanka have resulted in these joint ventures. Other local companies could also explore for similar opportunities of forming joint ventures with Indian companies.
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