KUV100 NXT, the bold and stylish entry-level SUV, is Mahindra’s first “Made in Sri Lanka’’ vehicle, which is assembled at the Mahindra Ideal Lanka Automotive plant (MILPL), a joint venture between Mahindra & Mahindra and Ideal Motors Pvt Ltd. KUV100 was launched in early 2020 amidst the pandemic and garnered an overwhelming response from customers. With Customer centricity the key focus of the company, we have ensured island-wide Service and Parts network with 24 hours workshop turnaround for faster delivery at aftersales.With the gradual opening of the market amid the COVID19 pandemic in Sri Lanka, the demand for KUV100 has seen a significant spike in the country. Mahindra Ideal Lanka (MILPL) is now boosting its production capacity to meet the increased market demand.
The KUV100 NXT with its unique proposition of style, power, and hi-tech features, is a class-leading vehicle and has been able to perform and win the confidence of Sri Lankan customers. Ideal Motors and Mahindra & Mahindra are delighted to have reached this exciting milestone of 1000th KUV100 NXT in Sri Lanka and is grateful to its customers forthe overwhelming response.
KUV100 NXT has been designed to help customers “Live Beyond Boundaries”. This entry-level compact SUV accommodates 1.2 litre high performance 1198cc mFalconengine with a maximum power of 82 bhp at 5500 RPM. The 5-seater spacious SUV is suited for a small family or a professional and comes with a ground clearance of 170mm. The 15’’ diamond cut, two-tone alloy wheels and strong built gives it a sporty appearance. Its electric power steering and mounted controls lend essential driving comfort suited to all conditions. KUV 100 NXT features a state-of-the-art touchscreen infotainment system with blue tooth connectivity, dual airbags, and ABS for enhanced safety.
KUV100 NXT shines in white, red, black and silver colors and comes with a warranty of three years or 100,000 km.
With over a decade of disrupting the local automotive and after-market solutions industry, Ideal Group is a truly Sri Lankan Group of Companies leading the way in Sri Lanka. The Group’s strength consists of over 1,000 team members and boasts a 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. Ideal Group holds the sole authorized distributor rights of Mahindra motor vehicles and motorcycles 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. Following a service-first philosophy, the Group claims a large footprint across Sri Lanka with its island-wide network of Mahindra sales showrooms and authorized service dealerships.Mahindra and Mahindra was founded in 1945, the Mahindra Group is one of the largest and most admired multinational federations of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India and is the world’s largest tractorcompany by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity, and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Global CEO Forum fetes one of most influential SL entrepreneurs
In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.
Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year
Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.
Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.
Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.
PLC’s profits surge 80.9% in Q1, amidst challenging environment
People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.
PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.
Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.
Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.
In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.
Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.
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