Connect with us

Business

CEAT radials designated Original Equipment for locally–assembled Mahindra Bolero City Pik-ups

Published

on

CEAT Kelani Holdings has reached another milestone in radial tyre manufacture in Sri Lanka with the Company’s appointment as an Original Equipment Manufacturer (OEM) for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra (M&M) India in collaboration with Ideal Motors.

All Mahindra Bolero City Pik-ups rolling off the assembly line at the Mahindra Ideal Lanka Automotive Assembly Plant at Welipenna, Matugama are fitted with CEAT Milaze HD radial tyres in the size of 215/75 R15, manufactured at the CEAT Kelani plant in Kelaniya, under an OEM agreement between the two companies.

CEAT has already supplied 180 of these high performance radial tyres for 36 vehicles that will be assembled in November and December this year and has committed to supply up to 720 tyres per month from January 2022 onwards for a targeted maximum of 144 vehicles to be produced monthly by the Mahindra Ideal Lanka joint venture, the Company said.

Commenting on the agreement, CEAT Kelani Managing Director Ravi Dadlani said: “We are delighted to contribute to the local value addition component of the Mahindra and Ideal Motors venture, while doing what we do best – producing high quality tyres designed and engineered for local conditions and supporting the government’s efforts to conserve foreign exchange. Over the past two decades, CEAT has built the equity of the ‘Made in Sri Lanka’ proposition in the tyre industry, and we are proud and appreciative of the opportunity, as exclusive tyre supplier, to support the aspirations of Mahindra and Ideal Motors to progress to vehicles made in Sri Lanka.”

The Managing Director of Mahindra Ideal Lanka Pvt Ltd. Nalin Welgama noted that “This new initiative is a step in the right direction and supports the government policy framework for Sri Lanka’s migration from a market economy to a production-based economy.”

The CEAT Milaze tyres manufactured by CEAT Kelani for the Mahindra Bolero City Pik-up feature profiled shoulder lateral grooves that provide better heat dissipation and wide-angle circumferential grooves that resist cuts and chips. Angular transversal notches and sipes provide enhanced grip and uniform wear, while the angular notched 4-rib high land area design provides longer tyre life and durability.

No stranger to the OEM segment, CEAT Kelani Holdings has been the exclusive original equipment tyre supplier for Mahindra KUV100 compact SUVs assembled in Sri Lanka since 2019. All locally-assembled Mahindra KUV100 vehicles are fitted with CEAT FUELSMARRT 185/60 R 15 tyres.

CEAT Kelani Holdings is considered one of the most successful India – Sri Lanka joint ventures. The joint venture’s cumulative investment in Sri Lanka to date totals Rs 8 billion, inclusive of Rs 3 billion invested since January 2018 for expansion of volumes, technology upgrades and new product development. The company’s manufacturing operations in Sri Lanka encompass pneumatic tyres in the radial (passenger cars, vans and SUVs), commercial (nylon and radial), motorcycle, three-wheeler and agricultural vehicle segments.

The CEAT brand accounts for market shares in Sri Lanka of 48 per cent in the Radial segment, 80 per cent in the Truck category, 84 per cent Light Truck tyre category, 51 per cent in the Three-Wheeler tyre segment, 36 per cent in the Motorcycle tyre segment and 72 per cent in the Agricultural vehicle tyre category. CEAT Kelani exports about 20 per cent of its production to 16 countries in South Asia, the Middle East, Africa and the Far East.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CSE capital-raising in 2021 reaches record high of Rs. 124 billion

Published

on

CSE chairman Dumith Fernando

By Hiran H.Senewiratne

A buoyant CSE in 2021 saw capital- raising increasing to a record Rs. 124 billion. The previous highest, in a 10-year time span was in 2018, amounting to Rs. 105 billion, CSE chairman Dumith Fernando said.

“Last year, of the capital raised, a record Rs. 84.4 billion was via debt and Rs. 39.4 billion in equity. The CSE also saw 28 new listings, including 14 debt IPOs and 13 equity IPOs, Fernando told the media while announcing the CSE’s achievements in 2021 and its proposed plans to be implemented in 2022. The event was held at Hotel Taj Samudra last week.

Fernando said that in 2021, the market had its best year, in terms of ASPI gaining 80.5 per cent and the S&P SL20 improving by 60.5 per cent. Market capitalization also reached a 10-year high of 36.7 per cent of GDP or Rs. 5.5 trillion from 19.7 per cent in 2020 or Rs. 2.96 trillion and 34.5 per cent in 2010 or Rs. 2.2 trillion.

“With proactive efforts by both the CSE and the Securities and Exchange Commission (SEC), especially digitization initiatives, the Colombo stock market saw active local investor participation, the CSE chairman said.

The active investor base rose to 63,000 as opposed to the target of 50,000, while the number of new accounts was 37,000, higher from 2020 but fell short of the target of 50,000, he added. Fernando also said the CSE more than doubled turnover to Rs. 4.9 billion per day.

Amid those developments, CSE trading activities were positive throughout the day and at certain times the index reached the 200 level. Most of the blue- chip counters witnessed fresh buying interest and prices in most of them appreciated during the day, stock market analysts said.

Both indices moved upwards. The All- Share Price Index went up by 125 points and S and P SL20 rose by 63.5 points. Turnover stood at Rs 7.1 billion with two crossings. Those crossings were reported in TJ Lanka, which crossed 2.5 million shares to the tune of Rs 139 million and its shares traded at Rs 52 and LOLC Finance 3.9 million shares crossed to the tune of Rs 111 million, its shares traded at Rs 28.

In the retail market top seven companies that mainly contributed to the turnover were, Vallibel One Rs 582 million (six million shares traded), Expolanka Holdings Rs 557 million (1.4 million shares traded), Softlogic Capital Rs 454 million (3.5 million shares traded), Browns Investments Rs 318 million (18.7 million shares traded), Chevron Lubricants Rs 263 million (2.1 million shares traded), Central Finance Rs 254 million (2.3 million shares traded) and Hayleys Rs 240 million (1.6 million shares traded). During the day 256 million share volumes changed hands in 61000 transactions.

Yesterday the US dollar was quoted at Rs 202.45, which was the Central Bank controlled price. However, in the open market the dollar rate exceeded the Rs 250 level, sources said.

Continue Reading

Business

CIPM and SLSI collaborate to define National HRM Standards

Published

on

CIPM Sri Lanka – the Nation’s leader in human resource management together with the Sri Lanka Standards Institution (SLSI) has initiated a collaboration to define much needed National standards in human resource management recently. This initiative will replace the use of varying standards and practices used by people managers in different strata of industry and organizations with credible and accepted international best practices and homogeneous benchmarks. The people management profession has risen to take center stage in organizations around the globe due to the advent of the 4th industrial revolution and now people managers are emerging as employee champions and frontline crusaders in response to the changing world of work brought about by the pandemic. In this backdrop, implementing National HRM standards are becoming increasingly important to successfully respond to the unprecedented challenges brought forth by and in response to the pandemic including changes in lifestyles.

“CIPM Sri Lanka is the only professional body in the country mandated by the supreme legislature as the authority in Human Resource Management, Profession and Practice in Sri Lanka. The time is opportune for us to embark on this long overdue initiative of formulating the National Standards in HRM to standardize the world of work in line with international best practices. Upon completion of this exercise, we will be joining a handful of advanced economies who have defined appropriate national standards in HRM to be on top of the changing world of work” said Jayantha Amarasinghe-President, CIPM Sri Lanka.

CIPM together with SLSI has setup a Committee for Developing National Standards on Human Resource Management comprising of nationally and internationally acclaimed HRM and business professionals and academics, and SLSI experts to take this initiative forward. The Committee, which has been approved by SLSI as a special Sectoral Committee to formulate national standards on HRM, is led by Chairman Dhammika Fernando-Chartered MCIPM and Immediate Past President/President-Asia Pacific Federation of Human Resource Management (APFHRM)/Board Member of the World Federation of People Management Associations (WFPMA).

“We have decided to benchmark the existing, ISO, British and American standards in formulating our country specific National HRM Standards with the collaboration and support of the Sri Lanka Standards Institution. SLSI will actively contribute to this initiative by providing their expertise and assigning key members while assisting to establish modalities and SOPs to drive this nationally important project forward. Once such standards are introduced and promulgated, we can see a great potential in unifying and streamlining practices of HR in line with the globally accepted best practices and standards which will auger well not only for the profession but also for whole of the corporate world in numerous ways” said Dhammika Fernando–Chairman, CIPM Committee for Developing National Standards on HRM.

Continue Reading

Business

Emirates adds 5 more flights to Colombo, offering customers 26 weekly flights

Published

on

Emirates has announced it will add five more flights to Sri Lanka, offering customers 26 weekly flights to Colombo, including a daily service from Male to Colombo. Starting from 10 February 2022, the added services will offer customers more travel choices and flexibility to Sri Lanka’s commercial capital.

The added services will operate every Tuesday, Thursday, Friday, Saturday and Sunday. Emirates flight EK654 will depart Dubai at 10:35hrs and arrive in Colombo at 16:25hrs, local time. The return flight EK655 will depart Colombo at 22:05hrs and arrive in Dubai at 01:55hrs the following day, local time.

“Sri Lanka is a very important market for us and we’re proud to play an important role with supporting the country’s trade and tourism recovery. The idyllic destination attracted nearly 200,000 tourists in 2021, and arrivals in December and January have been encouraging,” said Chandana De Silva, Emirates Area Manager for Sri Lanka and Maldives. “Emirates is happy to be in a position to play a facilitating role by increasing seat capacity to Colombo. The additional flights will also provide more space for export cargo and essential imports like pharmaceuticals.”

Emirates has deployed its modern Boeing 777-300ER aircraft in a three-class configuration on flights to Colombo, offering private suites in First Class, lie flat seats in Business Class and spacious seats in Economy Class. The additional frequencies will add another 1,780 seats into Colombo per week, and Emirates SkyCargo will offer an additional 100 tonnes of cargo capacity each way per week between Dubai and Colombo.

Travellers to and from Sri Lanka benefit from Emirates’ award-winning service and industry-leading products in the air and on the ground across all classes, with regionally inspired dishes and complimentary beverages and the airline’s ice inflight entertainment system which offers more than 4,500 channels of on-demand entertainment in over 40 languages, including movies, TV shows, and an extensive musical library along with games, audio books and podcasts.

Emirates has been gradually rebuilding its global network in a safe and sustainable manner and has resumed passenger services to over 120 passenger destinations, allowing travellers to conveniently connect to the Americas, Europe, Africa, Middle East, and Asia Pacific via Dubai.

Keeping the health and wellbeing of its passengers as top priority, Emirates has introduced a comprehensive set of safety measures at every step of the customer journey. The airline has also been building on its contactless technology offering and has scaled up its digital verification capabilities to provide its customers even more opportunities to utilise the IATA Travel Pass.

Emirates continues to lead the industry with innovative products and services that address traveller needs during a dynamic time. The airline has taken its customer care initiatives further with even more generous and flexible booking policies, and COVID-19 medical travel insurance.

Continue Reading

Trending