Sri Lanka, Aug. 5 -- Mahindra & Mahindra Ltd, a part of the USD 19 billion Mahindra Group based in India, and Ideal Motors Ltd, will break ground on August 17 for a motor vehicle assembly plant in Welipanna with eye on the export market. The total investment will be over Rs. 3 billion.

Vice President, Head of International Operations - AFS (South Asia), Mahindra & Mahindra Ltd, Sanjay Jadhav, in an interview with 'Daily News' said that Sri Lanka was one of Mahindra's top three export markets and this was why they had decided to invest in Sri Lanka. "We have a strong vision for growth in Sri Lanka and this move is an integral part of that plan."

Ideal Motors Limited will hold a 65% stake while Mahindra will hold a 35% stake. Founder and ...