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Ideal Motors and Ideal First Choice breaks new ground in Sri Lanka offering industry-first free insurance cover

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Ideal Motors Pvt Ltd and its subsidiary Ideal First Choice Pvt Ltd (part of the Ideal Group of Companies) have pioneered an insurance reward scheme free of charge, an industry first for vehicle owners who continue to avail services from both Ideal Motors and Ideal First Choice workshops. The Ideal Motors main workshop located in Ratmalana, exclusively undertakes repairs and services for Mahindra vehicles and the eleven Ideal First Choice Workshops located island wide undertake repairs and services for multi-brand vehicles including Mahindra vehicles.

Founder and Chairman of Ideal Group Mr Nalin Welgama stated: “We are delighted to reward our customers with free personal accident insurance cover, a first time event in Sri Lanka’s automobile market. At Ideal Group, we are constantly providing innovative solutions to our loyal customers. We believe vehicle owners of any brand should be honored with this reward, for choosing to service their vehicles with us. We have partnered with the highly reputed and trusted Allianz insurance Lanka Pvt Ltd for this initiative”.

Labour services of more than Rs. 4000 carried out at any of the Ideal Motors and Ideal First Choice Workshops are eligible to a free personal accident insurance cover valued to a maximum of Rs 400,000. The insurance cover offers a range of benefits including accidental death, total and/or permanent disablement, accidental death due to an accident as a passenger in a car, rider on a bike, funeral benefits, medical expenses and daily hospital cash allowance. Loss of life and/or disability due to an accidental death covers up to a sum of Rs 400,000. The sum of Rs 40,000 will be covered as funeral expenses and medical expenses of up to Rs 40,000 irrespective of hospitalization at a government hospital or a private hospital. The personal accident cover will not cover hospitalization due to natural causes or other unrelated illnesses.

About the Ideal Group

With over three decades of disrupting the local automotive and after-market solutions industry, Ideal Holdings and Ideal Group is a truly Sri Lankan Group of Companies leading the way in Sri Lanka. The Group’s strength consists of over a 1,000 team members and boasts turnover of more than Rs. 20 billion annually. As a pioneer, Ideal Group specializes in assembly, import and distribution of motor vehicles and multi-brand spare parts, automotive after sales services.

In Q2 FY19 Indian giant Mahindra Finance announced the investment of Rs. 2 billion till Q4 2021 increasing its stake in Ideal Finance to 58.2%. Through Ideal Finance, the Group focuses on Finance and Real Estate services, logistics and a plethora of services uplifting economical standards and enabling every citizen in the country.

Ideal Group holds the sole authorized distributor rights of Mahindra motor vehicles and motor cycles in Sri Lanka and the co-ownership of Sri Lanka’s “first automotive assembly and production plant” in Welipenna, which is a bi-product of the joint venture between Ideal Group and India’s automotive giant, Mahindra and Mahindra. In 2019, a Rs. 3 billion investment made way for a state–of–the-art assembly plant in 2019 forming Mahindra Ideal Lanka (Pvt) Ltd in which Ideal Group holds an ownership of 65%. With its capacity to manufacture 5,000 vehicle units per annum, the assembly plant is expected to export vehicles to the South Asian countries and continue to stamp the global footprint. It is also the nucleus of KUV100 NXT, the first ‘Make in Sri Lanka’ SUV car introduced.

Following a service first philosophy, the Group claims a large footprint across Sri Lanka with its island wide network of Ideal sales showrooms, after market, genuine spare part dealers, multi brand workshops, tyres, and premier workshops.



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Seylan Bank takes the lead to promote LANKA QR beyond Western Province

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Seylan Bank, the Bank with a Heart, organized the ‘Seylan Pay QR Carnival’ in Kurunegala to promote the LANKAQR programme introduced by the Central Bank of Sri Lanka (CBSL) to strengthen digital transactions in Sri Lanka. The special programme, focusing on encouraging local merchants and SMEs to join the national QR transaction system, took place at the Vehera Sports Ground in Kurunegala recently. Officials from the Central bank of Sri Lanka, the Lanka QR Committee and partner banks were present at the event.

Organised as the 14th leg of the LankaQR national rollout campaign, the Seylan Pay QR Carnival set a firm footprint with the highest number of merchants at the event. Seylan Bank alone on boarded over 100 merchants for the SeylanPay payment solutions from the Kurunegala area. Over a thousand customers walked in during the event which benefitted many merchants accepting LankaQR, to process transactions on the day and generate great traction in the district since then.

As the key feature of the event, Seylan Bank educated their customers on the use of the Bank’s QR payment system, the SeylanPay Mobile App, and assisted customers in making payments to merchants. Over 50 stalls selling clothes and accessories, gift items, food, sweets, electronics and electrical equipment, plants, beauty care, cosmetic items and automobile parts were set up for the benefit of consumers, with attractive added discounts for customers using QR payment systems to purchase items, thereby encouraging and familiarizing the use of it among them. This marked a record high number of merchants participating among many LankaQR nationwide rollout campaigns that were organised to date. A Seylan Bank Mobile ATM was deployed at the premises, ensuring that customers had easy access to carry out cash withdrawals if required and check their account balances at any given time. In addition, a special fun zone was set up for children at the event premises, whilst a musical evening entertained the adults present at the Seylan Pay QR Carnival.

“Seylan Bank’s commitment to develop the banking and finance network together with the industry led to us hosting the 14th leg of the Lanka QR national rollout campaign. We also realize the potential this system brings to the SME sector in the country, in terms of transaction efficiency and savings. As a bank that has continued to support SMEs in the country in a wide spectrum, the alliance with Lanka QR helps in developing the entire transaction ecosystem of the country,” commented Chaminda Senewiratne, Head of Digital Banking Channels, Seylan Bank.

The Central Bank of Sri Lanka introduced the LANKAQR service in October 2020 with the aim of moving towards a cash-less society while increasing financial inclusion in Sri Lanka, and was supported in this endeavour by Banks, licensed financial institutions and Lanka Clear (Pvt.) Ltd. It has already stood out as an attractive option with notable benefits for small and medium enterprises.

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Stylish Garments unveils its latest export-oriented BOI factory in Ambalangoda 

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With the Board of Investment (BOI) widening its projects, Stylish Garments (Pvt) Ltd, unveiled its sixth BOI approved factory in Ambalangoda which manufactures children’s wear, jerseys including school uniforms exclusively targeting the international market. The Stylish Garments is a renowned a garment manufacturer and exporter of jersey knit and lighter woven apparel products.

The latest project, which is a USD 3.5 million investment, is to generate 500 employment opportunities for people living in the south and other parts of the country. Moreover, the products are slated to be exported to the UK and Europe. The agreement in this regard was signed recently at the BOI Head Office in the presence of BOI Director General Renuka M Weerakone.

The Director General said “A project of this nature should be recognized owing to the fact that it depicts the vibrant and vivid expansion of BOI projects, which has now started to reach the rural areas, The new venture will uplift the livelihood of the people living in the Ambalangoda area plus become a crucial source of bringing dollars to the country in a situation where the country isin dire need of dollars,” she underscored.

Founder and incumbent Chairman of the Stylish Garments (Pvt) Ltd Leelaratne Hattanarachchi said,” we were determined to launch the project irrespective of current challenges because such new projects would bring dollars to the country. That’s the very reason why I ventured to start operations at this new factory by turning the advantage of this crisis to ourselves. At the same time, we do appreciate the support rendered by the BOI at this critical juncture and look forward their support in future too.”

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Browns Investments solar power plant deal dominates CSE trading

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By Hiran H. Senewiratne

CSE’s leading listed company, Browns Investments, disposed of 50.1 per cent of its stake in Sagasolar Power Power (Private) Limited to another leading company, Aitken Spence Pvt. Ltd. yesterday, market sources said.

The total value of the company was Rs 1.4 billion and under this deal Browns Investments sold the stake for Rs 700 million. The capacity of the solar power plant is 10 megawatts, stock market analysts said.

Sagasolar Power built the solar PV facility on 45 acres (18.2 ha) of land within a dedicated energy development area in Baruthankanda, Hambantota district, Southern province. The country’s previous largest solar plant is a 1.3-MW facility also located in Hambantota.

Amid those developments, the trading activities in the stock market turned negative due to macro and micro economic uncertainties. Accordingly, stocks slipped over 1 per cent at mid-day trade yesterday for the third consecutive day, market analysis said.

The All- Share Price Index fell by 121 points and S and P SL20 went down by 50.8 points. Turnover stood at Rs 982 million without any crossings. Top seven companies that that contributed to the turnover were, Lanka IOC Rs 274 million (3.5 million shares traded), Expolanka Holdings Rs 185 million (1.2 million shares traded), JKH Rs 77 million (626,000 shares traded), LOLC Finance Rs 59.8 million (9.9 million shares traded), Browns Investments Rs 58.9 million (8.9 million shares traded), LOLC Holdings Rs 32.6 million (89,000 shares traded) and Commercial Bank Rs 15.4 million (309,000 shares traded). During the day 51.5 million share volumes changed hands in 14000 share transactions.

Yesterday the Central Bank announced US dollar buying rate was Rs 356.04 and the selling price Rs 367.33.

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