Business
Ideal First Choice to introduce internationally recognized Gulf Oil lubricants to Sri Lanka
Ideal First Choice (Pvt) Ltd, a fully owned subsidiary of the Ideal Group, one of country’s leading business conglomerates, continues to set the pace by introducing Gulf Oil lubricants to the Sri Lankan market.
Ideal First Choice is recognized as a pioneer in luxury motor vehicles and the after-sales service industry in Sri Lanka. With its state-of-the-art facilities across the country, Ideal First Choice has partnered with world renowned brands such as Bosch diesel and non-diesel spare parts and launching a diesel service center, Akzonobel for distributorship of automotive paints and also as the distributor for multi-branded two-wheeler and three-wheeler spare parts available through the company’s island wide network. The strategic partnership with the Gulf Oil Lubricants India is the latest addition to Ideal First Choice’s expansion of its global brand offerings and thereby, continue to provide a world-class service experience.
Gulf Oil is a well – established player in the global lubricant industry with a strong presence in over 100 countries. Gulf Oil has appointed Ideal First Choice (Pvt) Ltd as its national distributor for its products and to launch the brand in the Sri Lankan market. A celebratory event marking this momentous milestone was held at the JAIC Hilton, Colombo recently.
Gulf Oil is a part of the Hinduja Group, one of the largest diversified groups in the world spanning across continents. Gulf Oil enjoys a respectable market share in Asian countries given its strong distribution network across the SAARC region including Bangladesh and Nepal.
Gulf Oil has formed strategic partnerships with sport to promote the values of the game, today. They are associated with iconic names like, Manchester United and McLaren Racing. In India, Gulf Oil has been associated with the cricketing legend, Mahindra Singh Dhoni, as it is Brand Ambassador for over a decade and has been one of the oldest sponsors of the leading Indian Premier League team the Chennai Super Kings.
Chaminda Wanigaratne, Director Ideal First Choice and Ideal Motors, commenting on the partnership, “We are pleased to announce the appointment of Ideal First Choice as Sri Lanka’s national distributor for Gulf Oil. As a part of our association with Gulf Oil, we look forward to provide high-quality products and a unique lubricant brand to all of our clients.”
He noted, “In 2008, the government in order to introduce lubricants to the local market, liberalized the market place giving opportunities to the private sector to introduce various lubricant brands to Sri Lanka. Subsequently in 2010, the automotive industry was reenergized and the availability of hybrid vehicles in the market also attracted a large number of customers. Due to this over the years, the demand for lubricants increased and accordingly we have introduced Gulf Oil which can provide high quality performance to customers at an affordable price.”
“We have also begun the process of appointing local dealers for Gulf lubricants covering all districts across the country. Through our island wide dealers we aim to distribute the brand for all vehicles including motorcycles, three-wheelers and vans, in addition to industrial requirements. Moreover, arrangements have been made to provide technical knowledge and awareness about the brand and its products to all our dealers and sales teams. This initiative ensures that we are able to provide customers the highest quality product at an affordable price,” Wanigaratne added.
Ravi Chawla, President – APAC, Gulf Oil and MD & CEO, Gulf Oil Lubricants India Ltd said, “We are delighted to have partnered with Ideal First Choice as the national distributer in Sri Lanka. The country consumes about 64,000 kilo liters of lubricants annually. 68% of this is used for automobiles and the remainder for industrial lubricants and greases. We aim to provide consumers with high quality lubricants for the automotive and industrial sectors. I am sure this partnership will grow to benefit the industry.”
Gagan Mathur, Head – Business Development-Cluster Markets, Gulf Oil Lubricants India Ltd, commented on the new collaboration, “The Company is extremely glad that we are able to introduce Gulf Oil Lubricants to the Sri Lankan market by partnering with Ideal Group. We are certain that the Gulf Oil brand will achieve new heights under the expert guidance and leadership of Nalin Welgama, one of Sri Lanka’s leading entrepreneur. With the support of Ideal Group we will provide a bona fide choice that will allow consumers to edge ahead with high performance oriented products. We are confident that our combined commitment will uplift our brand to greater heights. I would also like to take this opportunity to thank all our partners.”
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
-
News5 days ago
Lunuwila tragedy not caused by those videoing Bell 212: SLAF
-
News4 days agoLevel III landslide early warning continue to be in force in the districts of Kandy, Kegalle, Kurunegala and Matale
-
Latest News6 days agoLevel III landslide early warnings issued to the districts of Badulla, Kandy, Kegalle, Kurunegala, Matale and Nuwara-Eliya
-
Features6 days agoDitwah: An unusual cyclone
-
Latest News7 days agoUpdated Payment Instructions for Disaster Relief Contributions
-
News2 days agoCPC delegation meets JVP for talks on disaster response
-
News2 days agoA 6th Year Accolade: The Eternal Opulence of My Fair Lady
-
Business2 days agoLOLC Finance Factoring powers business growth
