Business
Mahindra IDEAL Finance now in Galle
Mahindra IDEAL Finance, one of Sri Lanka’s premier licensed finance companies, focused on rural and semi-urban consumers, recently added a new branch to its expanding island wide network. Located in Galle, a major commercial centre in the South for the rural and semi-urban population, this new branch serves to expand the growing presence of Mahindra IDEAL Finance across the country, while also providing increased convenience and access for customers. Marking the 19th branch to be added to Mahindra IDEAL Finance’s Network, the new Galle branch was declared open amidst a special opening ceremony held to mark the event. Selected customers, along with various dignitaries and senior members of Mahindra IDEAL Finance’s Corporate Management Team were present at the ceremony. The new Galle branch is located at No. 18, Mosque Road, Main Street, Galle.
Commenting on the occasion, Pradeep De Silva – Assistant General Manager – Gold Loans at Mahindra IDEAL Finance said, “Our focus is providing ideal financial solutions to our customers, particularly in the rural and semi-urban markets. Our network expansion strategy has identified key commercial centres around the country, where it will make it easy for our customers to access our services. Galle is one such centre of commerce, where our market research shows that customers are looking for ideal financial solutions to achieve their aspirations. Thus, we are very pleased to now be serving these regions, and we look forward to the further network expansion initiatives that we have planned in the near future. Meanwhile, we invite our customers and the public, to visit our new Galle branch and see for themselves, all of the opportunities available through Mahindra IDEAL Finance.”
Mahindra IDEAL Finance is also an ideal choice for those looking to build or expand their careers in the financial services sector. Being home to a diverse team of industry professionals and a reputed corporate culture, Mahindra IDEAL Finance has been recognized for 3 consecutive years as a Great Place to Work by Great Places to Work; in 2019, 2020 and 2021. Mahindra IDEAL Finance is also among the top 10 best workplaces in the banking, financial services and insurance industries in 2021, as recognised by Great Place to work.
Mahindra IDEAL Finance Limited, a subsidiary of Mahindra and Mahindra Financial Services Limited, is a non-bank financial institution (NBFI) and licensed finance company (LFC) 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, personal loans and leasing facilities for motorcars, three-wheelers, agriculture vehicles and commercial vehicles, while also providing depositors with attractive returns on their investments. Since its affiliation with Mahindra, through an acquisition of a controlling-stake in the Company by Mahindra Finance, Mahindra IDEAL Finance Limited, has been rated AA-(lka) by Fitch Ratings Lanka.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
Rains add to misery in quake-hit Myanmar as death toll rises to 3,471
Zimbabwe to scrap tariffs on US goods as it faces 18% Trump levy
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