Business

A life devoted to tea & kindness

Published

5 years ago

2021/05/9

Sri Lanka’s Mr. Dilmah, celebrates 71 years of brewing cups of kindness

The unmistakable face of the Sri Lankan family tea company Dilmah, is Merrill J. Fernando, and his invitation to customers – ‘do try it!’. The first tea grower to offer his tea to the world – picked, perfected, packed at source – and kindness was his cup of tea. The family tea business he formed around an uncompromising commitment to Taste, Goodness & Ethical Purpose offers a playbook for business in a post pandemic era. Faith, determination, dedication to taste, goodness, and ethical purpose characterize the Ceylon Teamaker’s story as he turns 91, and celebrates 71 years in tea.

Milestones are important. They chart one’s progress, whether success or failure. Merrill J. Fernando, the founder of Dilmah, entered the tea trade in 1950, as one of a batch of five local youth to be trained in the art of tea tasting, then the preserve of the British. Despite the unshakeable self-belief that has taken him to his present eminence in the industry, even he would not have imagined the varied successes that he would eventually garner.

Dilmah is, undeniably, the global face of Ceylon tea. The brand, with the image of its founder, has carried the message of the purity and authenticity of Ceylon tea to over a hundred countries in the world. However, it is not only in the promotion of the product that Fernando has made his contribution. Over the years he has lent his weight to many initiatives that have benefited the industry and Ceylon tea in its totality.

In the early years, he championed several initiatives which created facilitations and remedied inequalities which hampered the local exporter of value added tea. The tea industry then represented a long value chain, stretching from the local plantation to the retail market overseas, designed for the benefit of the British, allied multinationals and their local associates. He was successful in interposing his authority on this tightly closed system, with a mixture of guile, confrontation and leverage of influence, for the benefit of the local entrepreneur.

The conversion of many traditional Orthodox Tea factories to the more industrial CTC manufacture, in an uncritical emulation of the Kenyan model, would have become a reality decades ago, if not for his reasoned but unrelenting opposition. Had that proposal been implemented, the diversity of Ceylon tea, its uniqueness, would have been obliterated by the depressing sameness of a mass-market product without individuality.

Similarly, the more recent effort to import cheap tea for blending and re-export, the “Tea Hub” concept, proposed by exporters who were prepared to sacrifice the singularity of Pure Ceylon Tea, in favour of short-term profit and denial of long-term damage, would have been launched if not for Merrill Fernando’s fierce opposition. His was the lone voice raised against this scheme which, had it been implemented, would have temporarily enriched a few but impoverished the hundreds of thousands of producers.

Merrill embodies the philosophy he has always advocated, focusing on the significance that lies beyond success. His desire to share his profits has made an unquantifiable and lasting contribution to his community and beyond. In less fortunate communities in his own country and overseas, thousands of lives have been touched by the initiatives of the Merrill J Fernando Charitable Foundation – all funded by the profits of Dilmah tea. The Foundations’ guiding principle of empowerment with dignity underlines its Settlor’s wish to genuinely & positively impact people.

Then there are the multitude of biodiversity conservation, restoration, environmental education & research initiatives of Dilmah Conservation, again endowed by the profits from tea. As the passionate Teaman celebrates his 91st birthday, his commitment is undimmed. In a corruptible and acquisitive society it is rarely that a successful businessman also becomes a force for the common good. Merrill J Fernando is clearly one of the very few exceptions.

All News Advertisement

Business

Redefining Industry Standards: Home Lands Group Emerges as Sri Lanka’s Premier Force in Lifestyle and Developer Leadership

Published

24 hours ago

2026/01/19

Thilina Walpola

At a time when Sri Lanka’s property landscape is experiencing rapid transformation, one organisation continues to define the direction of the market through scale, innovation, and an unwavering commitment to quality. At the 2025 PropertyGuru Asia Property Awards (Sri Lanka), the Home Lands Group of Companies maintained its place at the peak of the industry, acquiring two of the most influential awards of the year: Best Developer for the Group and Best Lifestyle Developer for Home Lands Skyline (Private) Limited.

These distinctions signify more than just project-level success. They reflect the organisation’s leadership in shaping how Sri Lankans aspire to live, work, and invest.

The Home Lands Group has built a broad presence throughout Sri Lanka’s most active corridors, from the rapidly evolving suburbs of Colombo to the developing lifestyle hubs of Negombo, Malabe, and Kahathuduwa, guided by extensive market research. The Group has transformed its in-depth knowledge of the property market into a portfolio of assets embodying superior residential living experiences, supported by strategically located branches that deliver an integrated suite of real estate services for buyers nationwide.

Home Lands Skyline, the Group’s flagship development arm and the 2025 Best Lifestyle Developer, is responsible for this on-ground reach. The company was commended for shaping communities through visionary residential environments and for its ability to combine cutting-edge sustainability with expansive lifestyle amenities. With 19 completed projects, including the largest integrated golf community in Sri Lanka and nine sustainable developments, Home Lands Skyline keeps raising the bar for efficiency, design, and placemaking.

Both ambition and operational strength are evident in its recent accomplishments. The company completed a number of landmark projects such as Elixia 3C’s Apartments, Santorini Resort Apartments & Residencies, and the 1,200-unit Canterbury Golf Resort Apartments & Residencies, which has more than 50 resort amenities that meet international standards and the nation’s first day-and-night golf course. In addition, the Group’s remarkable 58% market share earned it the title of Sri Lanka’s Most Preferred Residential Real Estate Brand in the RIU Brand Health Survey.

This growth is supported by a sustainability-first philosophy. The company incorporates environmental responsibility into every stage of development, from modular construction, renewable energy integration, and ethical sourcing throughout its supply chain to passive design principles that improve natural light and ventilation. This dedication is demonstrated by its Platinum Award at the CIOB Green Awards 2024.

The Home Lands Group is at the forefront of creating new lifestyle expectations as demand for well-planned, resort-style communities rises. In addition to confirming past achievements, the Group’s 2025 victories at the PropertyGuru Asia Property Awards (Sri Lanka) indicate a trajectory of ongoing leadership, positioning it as a transformative force in the future of Sri Lankan real estate.

Business

Cheaper credit expected to drive Sri Lanka’s business landscape in 2026

Published

24 hours ago

2026/01/19

Thilina Walpola

The Central Bank has reported data points that help stimulate private sector investment in 2026.

The opening weeks of 2026 are offering a glimmer of cautious hope for the business community weary from years of economic turbulence and steep financing costs. The Central Bank’s latest weekly economic indicators signal more than just macroeconomic stability. They point to early signs of a long-awaited trend; a measurable dip in borrowing costs.

“If sustained, this shift could transform steady growth into a robust, investment-led expansion,” a senior economist told The Island Financial Review.

The benchmark Average Weighted Prime Lending Rate (AWPR) declined by 21 basis points to 8.98% for the week ending 16 January, according to the Central Bank.

“For entrepreneurs and CEOs, this is not just another statistic. It could mean the difference between postponing an expansion and hiring new staff. Across boardrooms, the hope is that this marks the start of a sustained downward trend that holds through 2026,” he said.

When asked about the instances where Treasury Bills are not fully subscribed by the investors, he replied,” Treasury Bill yields remained broadly stable, with only minimal movement across 91-day, 182-day, and 364-day tenors. Strong demand was clear, with the latest T-Bill auction oversubscribed by about 3.5 times. This sovereign-level stability creates room for the gradual easing of commercial lending rates, allowing the Central Bank to nurture a more growth-supportive monetary policy.”

Replying to a question on how he views the inflation numbers in this context, he said, “The year-on-year increase in the National Consumer Price Index stood at a manageable 2.4% in November, with core inflation at 2.2%. Such an environment should allow interest rates to fall without sparking a price spiral. For businesses, it means the real cost of borrowing adjusted for inflation, and it is becoming more favourable for them. While consumers still face weekly price shifts in vegetables and fish, the broader disinflation trend gives policymakers leeway to keep credit affordable.”

Referring to the growth trajectory, he mentioned, “With GDP growth provisionally at 5.4% in the third quarter of 2025 and Purchasing Managers’ Indices signalling expansion in both manufacturing and services, the economy is in a growth phase. However, to accelerate this momentum businesses need capital at lower cost to modernise machinery, boost export capacity, and spur innovation. Affordable credit is, therefore, not merely helpful, it is essential to shift growth into a higher gear.”

In conclusion , he said,” The coming months will be watched closely, because for Sri Lankan businesses, a sustained decline in borrowing costs isn’t just an indicator; it’s the foundation for growth. There’s hope that this easing in the cost of money will prevail through most of the year.”

By Sanath Nanayakkare ✍️

Business

Mercantile Investments expands to 90 branches, backed by strong growth

Published

24 hours ago

2026/01/19

Thilina Walpola

Mercantile Investments & Finance PLC has expanded its national footprint to 90 branches with a new opening in Tangalle, reinforcing its commitment to community accessibility. The trusted non-bank financial institution, with over 60 years of service, now supports diverse communities across Sri Lanka with leasing, deposits, gold loans, and tailored lending.

This physical expansion aligns with significant financial growth. The company recently surpassed an LKR 100 billion asset base, with its lending portfolio doubling to Rs. 75 billion and deposits growing to Rs. 51 billion, reflecting strong customer trust. It maintains a low NPL ratio of 4.65%.

Chief Operating Officer Laksanda Gunawardena stated the branch network is vital for building trust, complemented by ongoing digital investments. Managing Director Gerard Ondaatjie linked the growth to six decades of safeguarding depositor interests.

With strategic plans extending to 2027, Mercantile Investments aims to convert its scale into sustained competitive advantage, supporting both customers and Sri Lanka’s economic progress.