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IDEAL Finance unveils new branch in Kadawatha

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Seeking to serve a wider clientele and increase accessibility to financial services, IDEAL Finance Limited (IFL), one of Sri Lanka’s reputed finance companies, recently unveiled the latest addition to its branch network with a new branch in Kadawatha. This branch will help customers, in this high-growth region in the Western Province, more easily access IFL’s portfolio of financial services. The new Kadawatha Branch of IDEAL Finance was officially declared open on the 10th of December 2022, and was marked by a special opening ceremony, amidst an intimate gathering of top officials and customers, in line with health guidelines.

Discussing the opening of the new branch, Mr. Duminda Weerasekara – CEO at IDEAL Finance Limited said, “The opening of our Branch in Kadawatha is a significant milestone on our journey, and part of our broader network expansion project. By the end of March 2022, we plan to have doubled our reach and expanded to most major cities in the country. This new branch will help us to provide customers in this region with ideal financial solutions. Working together as a team, we are creating opportunities not just for our valued customers but also for our people, who have an opportunity to work towards their dreams here at IDEAL Finance. We are pleased to have been recognized as an employer of choice in Sri Lanka, having been tipped as a Great Place to Work for 3 years consecutively. As we progress with our network expansion, we are also looking to consolidate our team to tackle future challenges.”

IFL’s network expansion and portfolio diversification comes in the wake of Mahindra and Mahindra Financial Services Limited investing in IDEAL Finance Limited. This is a multi-phase foreign direct investment (FDI) which commenced in February 2020, with Mahindra initially acquiring a 38.2% stake in IFL.

The final tranche of the investment has increased the Mahindra and Mahindra Financial Services Limited’s holding to 58.2% in the 2021/22 financial year, resulting in FDIs to Sri Lanka totalling over LKR 2 billion. Thus, today, IDEAL Finance is backed by a global financial giant with over USD 11 billion worth of assets under management, a sum that exceeds the asset value of Sri Lanka’s entire banking industry.

Attesting to the success of its network expansion plan, growth strategy and alliance with Mahindra, IDEAL Finance announced its best-ever annual performance earlier this year, for the financial year ended 31st March 2021, having deftly navigated the challenges posed by the global pandemic. PBT (Profit Before Tax) was up 76% YoY to LKR 288.4 million, while PAT (Profit After Tax) grew 74% to LKR 183.8 million. The Company’s NPL (Non-Performing Loans) ratio also improved to 3.3%, bucking the industry trend, from 5.2% in the previous year. Following Mahindra’s investment in IDEAL Finance Limited, Fitch Ratings has also upgraded IDEAL Finance’s rating from BB (lka) to AA – (lka) with a stable outlook.

IDEAL Finance Limited (IFL) is an NBFI registered with Central Bank of Sri Lanka and commenced operations in March 2012 with a clear focus on the rural and semi-urban sectors. Its lending portfolio consists of gold loans, SME loans, personal loans, leasing facilities for motor cars, three wheelers, agriculture vehicles and commercial vehicles. IFL has developed a quality lending portfolio, while recording sustainable annual growth in profitability.



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VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

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The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.

Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.

Chamari Athapaththu

The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.

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El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

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Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.

El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.

Evolution of a Landmark Estate

Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.

Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.

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FitsAir expands Dhaka operations with additional weekly flights

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FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.

The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.

“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”

FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.

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