Business
Sri Lanka unveils its first-ever locally assembled single cab with more than 30% local value additions
Mahindra & Mahindra with Ideal Motors introduces new Bolero City Pik-Up
by Sanath Nanayakkare
Marking a most important tech milestone in the Sri Lankan automotive manufacturing industry, Mahindra & Mahindra of India and Ideal Motors of Sri Lanka yesterday unveiled the new Bolero City Pik-Up, the first-ever single cab pickup assembled in Sri Lanka, with more than 30% local value additions.
The vehicle has been in production at Mahindra Ideal Lanka’s automotive assembly plant at Welipenna and the first batch of vehicles was delivered to a group of customers at an event held at the Waters Edge, Battaramulla yesterday.
Solidifying the ‘Made in Sri Lanka’ stance through the locally assembled vehicle range, the all-new Bolero City Pik-Up is the only 1.4 ton pick up currently available in the country, sources of the two companies told the media.
“With the gradual opening of the market amidst the pandemic, the commercial vehicle category is witnessing an increase in demand and we are boosting our production capacity at the Sri Lankan plant to meet the market demand for single cab pick-ups,” Veejay Nakra, CEO, Automotive Division”, Mahindra & Mahindra (M&M) Ltd., said.
“Sri Lanka is one of Mahindra’s most important overseas markets. Mahindra has been present in the country for more than 25 years with a robust automotive and farm portfolio. The brand has been holding a leadership position for over 10 years in the pickup category. This success story was possible because we were able to choose the right partner in Ideal Motors Sri Lanka for our thriving collaboration,” he said.
“We have been scaling up our local presence by expanding the product range through the ‘Make in Sri Lanka’ initiative. With the addition of the Bolero City Pik-Up to our portfolio, we will further reinforce our leadership in this category. I am delighted to announce the introduction of the first locally assembled pickup in Sri Lanka,” he said.
Addressing the gathering, Nalin Welgama, Founder and Chairman, Ideal Motors said, “Ideal Motors and Mahindra have been working together for a decade to deliver value to our customers. Our small commercial vehicle range has played a pivotal role in the economic development of the country over the last many years. This new Bolero City Pik-up will open many opportunities for small and medium entrepreneurs in the country. We believe in giving the best customer experience through our islandwide network.”
“With easy maneuverability, big cargo box and reliable high-power engine, the new Bolero City Pik-Up has been designed for urban and rural applications. This pick-up will offer class- leading cargo capacity and payload in the category, thus enhancing the earning potential for its owners. This will also be supported by a class-leading extended warranty of 36 months/ 100,000 km. Customers are assured to earn more profit and have complete peace of mind,” he said.
The Bolero City Pik-Up comes with a launch price of Rs. 3.075 million onwards.
Responding to a question on the price, Nalin Welgama said that the price of the new pickup was determined after carefully considering the country’s exchange rate scenario, in order to ensure the vehicle’s price stability over a substantial period of time.
Business
‘Green Chilies’ returns after seven years to reignite Sri Lanka’s advertising industry spirit
After a seven-year hiatus, one of Sri Lanka’s most loved advertising industry gatherings is making a much-anticipated return. Green Chilies 2026, the iconic festival that once defined the fun, camaraderie and creative spirit of Sri Lanka’s advertising fraternity, returns on 4th June 2026 at Rise Up, Colombo 03, bringing together professionals from across agencies, media, digital, production and marketing for an evening of celebration, entertainment, and industry camaraderie.
Originally launched in 2011, Green Chilies was conceived as a platform to celebrate Sri Lanka’s Young Lions winners as they embarked on their journey to represent the country at the prestigious Cannes Lions International Festival of Creativity, while also creating a unique opportunity for the industry to come together outside boardrooms and deadlines.
This year’s revival comes at an especially meaningful time, as an entire new generation of industry professionals have entered the business without ever experiencing the culture and energy that made Green Chilies such a defining event. Some key highlights will be the recognition of the winners of the young Lions competition and the much-loved return of The Agency Idol, the wildly entertaining competition where agencies battle it out on stage in a spirited showcase of talent, humour, and creativity, bringing back one of the event’s most iconic traditions.
Speaking about the return of the festival, Ranil de Silva, Founder of Green Chilies and of Metal Factor, said: “When we first launched Green Chilies, the idea was simple. It was to celebrate our Young Lions and create something that brought the industry together as one community. Over the years it became far more than an event, it became part of our industry culture. Seeing it return after seven years is very special, particularly because so many young professionals will now get to experience the spirit that made this industry such a fun and inspiring place to be.”
Green Chilies 2026 is organized by Metal Factor and supported by the 4A’s Sri Lanka.
Event Details:
Venue: Rise Up, Alwis Place, Colombo 03
Date: Thursday, 4th June 2026
Time: From 6.30 PM onwards
Contact : Shelley +94 77 342 3123
Business
JKH posts 75% EBITDA growth to Rs.80.01 billion as recent investments begin to contribute
John Keells Holdings PLC (JKH) reported a strong financial performance for FY2025/26, with Group EBITDA increasing 75% to Rs.80.01 billion, reflecting the contribution of investments made over the past several years and the continued performance of the Group’s established businesses.
Group recurring EBITDA increased 71% to Rs.78.05 billion, compared to Rs.45.69 billion in the previous year, driven primarily by Retail, Transportation and Leisure. Recurring profit before tax rose 143% to Rs.35.72 billion, while recurring profit attributable to equity holders of the parent increased 155% to Rs.13.24 billion.
The year also marked the culmination of the largest investment phase in the Group’s history, with the operationalisation of key investments signalling a shift in the capital cycle from development to contribution. Overall funding requirements reduced materially in line with expectations, while net debt to EBITDA stood at approximately 2 times and net debt to equity at approximately 31%.
City of Dreams Sri Lanka recorded positive EBITDA for the full year, following the completion and launch of the remaining components of the integrated resort. Cinnamon Life’s conference and event spaces attracted interest from local and international organisers, while casino operations showed an encouraging pick-up from the fourth quarter onwards.
Colombo West International Terminal, the project company of WCT-1, recorded strong throughput growth during the year, supported by an improving volume mix. The business delivered a positive profit after tax ahead of expectations, despite recognising depreciation relating to phase 1, and has reached full utilisation of phase 1 capacity based on its latest monthly run-rate.
John Keells CG Auto recorded an exceptional year, supported in part by pent-up demand and the brand positioning and vehicle range of BYD.
The Supermarket business recorded approximately 14% growth in same store sales, driven primarily by a 14.3% increase in footfall. The Beverages and Confectionery businesses recorded strong volume growth, with Beverages benefiting from higher margins, while Confectionery margins were impacted by higher raw material costs and expenses linked to new product introductions.
Business
RCSS receives Chatham House Senior Research Fellow for discussion on South Asian Regionalism
Dr. Chietigj Bajpaee, Senior Research Fellow for South Asia, Asia-Pacific Programme at Chatham House, visited the Regional Centre for Strategic Studies on 26 May 2026 and met with the ED/RCSS, Ambassador (Retd.) Ravinatha Aryasinha, and researchers at the Centre. The discussion focused on Regionalism in South Asia and evolving geopolitical developments in the region.
Ambassador Aryasinha detailed the recent and ongoing initiatives undertaken by the RCSS and its wide Alumni Network spread throughout the region in strengthening South Asian solidarity. Dr. Bajpaee impressed on the need to consider alternative forms of regional cooperation in South Asia given the absence of India–Pakistan normalization, resulting in the stagnation of SAARC and the growing pull towards external regional frameworks such as the Regional Comprehensive Economic Partnership (RCEP). The two parties explored possibilities beyond state-led regionalism, including stronger networks among civil society, think tanks, diaspora groups, and business communities, as well as thematic “mini-lateral” cooperation on issues such as climate adaptation and maritime governance.
Ms. Chamika Wijesuriya, Ms. Thedini Herath, and Shayan Peris, Research/Programme Officers at RCSS, were associated with the discussion.
-
Business7 days agoHistoric launch of CCWE Fashion Week & International Summit 2026
-
News5 days agoAll-New GRAVITE launches at LKR 6.99 Mn
-
Features5 days agoThe NPP’s pivot to the past
-
News4 days agoPolice probe underway to ascertain links between criminals deported from UAE and local politicians
-
News3 days agoEaster Sunday carnage: Court told Maulana’s statement cannot be accepted without cross-examination
-
Opinion7 days agoThe need to reform Buddhist ecclesiastical order
-
Features5 days agoEnd of Peacekeeping
-
Opinion3 days agoUndermining the democratic political framework
