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Sri Lanka unveils its first-ever locally assembled single cab with more than 30% local value additions



Mahindra & Mahindra Ltd. of India and Ideal Motors in Sri Lanka hand over the first new Bolero City Pik-Up, the first single cab pickup to be assembled in Sri Lanka, to Suren Cooke – Director, Suren Cooke Agencies, at the Waters Edge Battaramulla on Thursday. From left: Sachin Arolkar, Head of International Operations, Automotive Division, Mahindra & Mahindra Limited, Suren Cooke – Director, Suren Cooke Agencies, Veejay Nakra, CEO, Automotive Division, M&M Ltd, Nalin Welgama, Founder & Chairman, Ideal Motors and Aravinda de Silva, Deputy Chairman of the Ideal Group. Pic by Saman Ranaweera

Mahindra & Mahindra with Ideal Motors introduces new Bolero City Pik-Up

by Sanath Nanayakkare

Marking a most important tech milestone in the Sri Lankan automotive manufacturing industry, Mahindra & Mahindra of India and Ideal Motors of Sri Lanka yesterday unveiled the new Bolero City Pik-Up, the first-ever single cab pickup assembled in Sri Lanka, with more than 30% local value additions.

The vehicle has been in production at Mahindra Ideal Lanka’s automotive assembly plant at Welipenna and the first batch of vehicles was delivered to a group of customers at an event held at the Waters Edge, Battaramulla yesterday.

Solidifying the ‘Made in Sri Lanka’ stance through the locally assembled vehicle range, the all-new Bolero City Pik-Up is the only 1.4 ton pick up currently available in the country, sources of the two companies told the media.

“With the gradual opening of the market amidst the pandemic, the commercial vehicle category is witnessing an increase in demand and we are boosting our production capacity at the Sri Lankan plant to meet the market demand for single cab pick-ups,” Veejay Nakra, CEO, Automotive Division”, Mahindra & Mahindra (M&M) Ltd., said.

“Sri Lanka is one of Mahindra’s most important overseas markets. Mahindra has been present in the country for more than 25 years with a robust automotive and farm portfolio. The brand has been holding a leadership position for over 10 years in the pickup category. This success story was possible because we were able to choose the right partner in Ideal Motors Sri Lanka for our thriving collaboration,” he said.

“We have been scaling up our local presence by expanding the product range through the ‘Make in Sri Lanka’ initiative. With the addition of the Bolero City Pik-Up to our portfolio, we will further reinforce our leadership in this category. I am delighted to announce the introduction of the first locally assembled pickup in Sri Lanka,” he said.

Addressing the gathering, Nalin Welgama, Founder and Chairman, Ideal Motors said, “Ideal Motors and Mahindra have been working together for a decade to deliver value to our customers. Our small commercial vehicle range has played a pivotal role in the economic development of the country over the last many years. This new Bolero City Pik-up will open many opportunities for small and medium entrepreneurs in the country. We believe in giving the best customer experience through our islandwide network.”

“With easy maneuverability, big cargo box and reliable high-power engine, the new Bolero City Pik-Up has been designed for urban and rural applications. This pick-up will offer class- leading cargo capacity and payload in the category, thus enhancing the earning potential for its owners. This will also be supported by a class-leading extended warranty of 36 months/ 100,000 km. Customers are assured to earn more profit and have complete peace of mind,” he said.

The Bolero City Pik-Up comes with a launch price of Rs. 3.075 million onwards.

Responding to a question on the price, Nalin Welgama said that the price of the new pickup was determined after carefully considering the country’s exchange rate scenario, in order to ensure the vehicle’s price stability over a substantial period of time.


Manudam Mehewara Initiative by Dialog, MAS, Hemas & CBL reach 10,000 families, invites all corporates to Join its countrywide emergency relief mission



Emergency relief is currently being distributed across all 25 districts

In a mission to provide emergency relief to the most vulnerable communities across the country amidst the ongoing economic crisis, the ‘Manudam Mehewara’ initiative reached its first milestone of aiding over 10,000 families in-need.

 Joining hands with like-minded partners including its execution partner Sarvodaya Shramadana Movement and independent auditor PwC Sri Lanka, Manudam Mehewara was initiated by Dialog Axiata PLC, MAS Holdings, Hemas Holdings PLC, and CBL Group with the end goal of providing emergency support to over 200,000 vulnerable families and communities across the country that do not have access to essential supplies and basic necessities. ITN, Siyatha, Swarnawahini, TV Derana and Vasantham are also supporting the initiative as media partners.

Emergency relief is currently being distributed across all 25 districts, and the Manudam Mehewara programme will conduct its relief efforts until a sustainable benefit transfer system is established through an effective recovery plan. Manudam Mehewara invites all corporates to join our shared mission to support over 200,000 vulnerable families across Sri Lanka.

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Ninewells Hospital raises awareness on thyroid disease in newborns to commemorate World Thyroid Day 2022



Ninewells Hospital, Sri Lanka’s leading woman and childcare hospital in the private sector, commemorates World Thyroid Day on 25th May by emphasising the significance of early detection and treatment of Congenital Hypothyroidism among newborns in Sri Lanka.

Congenital hypothyroidism (CHT) is a condition affecting infants from birth, and refers to an absent thyroid gland or a thyroid gland that is present but is unable to produce adequate thyroid hormones. On average, 1 in 4,000 babies are born with a severe form of CHT in Sri Lanka, while milder forms can be seen more commonly. If left untreated, the condition can affect brain development as well as normal growth in children and adolescents. Conversely, if detected and treated early, the damaging effects of CHT can be reversed and prevented completely.

“As Sri Lanka’s leading private sector childcare health service provider, we want to draw attention to the serious implications of Congenital Hypothyroidism on World Thyroid Day this year. Congenital Hypothyroidism is a condition which has a detrimental impact on postnatal development. For this reason, early detection and treatment is vital and should ideally begin within the first two weeks after birth,” said Dr. Vibash Wijeratne, Chief Operations Officer and Director, Ninewells Hospital.

In 2021 Ninewells Hospital unveiled a Thyroid-Stimulating Hormone (TSH) testing facility to support Sri Lanka’s national program for screening newborns for CHT and the country’s vision for a healthier population. Since then, the hospital has carried out over 8,000 tests in 2021 and over 2,000 tests between January and May of 2022.

With the unveiling, Ninewells Hospital became the first in the private sector to introduce a TSH screening machine and became one of the only two hospitals in the country to offer this screening service.

“The screening for CHT is a simple process that is performed using a heel prick test. At Ninewells, the test report following the screening is issued within a short span of three days which is unprecedented in the country. This allows healthcare providers to begin immediate treatment to avoid development impediments in newborns and infants,” Dr. Wijeratne also said.

Ninewells Hospital is Sri Lanka’s premier women’s and children’s hospital in the private sector, providing a variety of specialty services such as Obstetrics, Gynaecology, Paediatrics, and Fertility. The hospital, which is backed by the Access Group of Companies’ visionary leadership, continues to push boundaries and raise the bar for women’s and children’s healthcare in Sri Lanka.

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SL plunges into worst economic contraction in the wake of dramatic currency collapse – CBSL Governor



By Hiran H.Senewiratne

Sri Lanka will witness the worst economic contraction in its history, as it reels from a currency collapse of the rupee from 200 to 370 to the US dollar and interest rates contracted above 20 per cent, Central Bank Governor Dr. Nandalal Weerasinghe said.

“Sri Lanka is going through severe fuel shortages and power cuts after the credibility of a soft-peg was broken by mis-targeted interest rates in the course of targeting an output gap (printing money to boost growth) under the Keynesian ideology, Weerasinghe said while addressing the Press Club of the Sri Lanka Press Institute. The event was held at the Colombo Hilton on Monday.

Weerasinghe added: “At this juncture we cannot make normal imports for the next three to six months. Industries are saying there is no raw material. Only essential imports can be made on a priority basis in order to maintain day- to- day activities.

‘Sri Lanka’s economy contracted 3.6 per cent in 2020 amid the Coronavirus crisis and it also contracted 1.5 per cent in 2001, after a soft-peg crisis amid a civil war.

‘The latest failure of the unstable peg with the US dollar came after the Central Bank printed over two trillion rupees over two years to mis-target interest rates, leading to a steep collapse of the currency and a correction of the interest rates back to around 20 to 25 per cent.

‘The economic crisis has also spilled over into a political crisis and social unrest.

‘The rupee’s 2022 fall to 380 to the US dollar from 200 to the dollar is the worst currency crisis created by the soft-pegged Central Bank in its 72- year- old history.

‘The money printing Central Bank created its first economic crisis and output shock in 1953, bringing down growth to 0.7 per cent after triggering a now famous “hartal”.

‘An Exchange Control Act was also enacted in 1952 as the printed money from the newly set up Central Bank scrambled to go out, in a phenomenon that was repeated multiple times over the next 70 years and dragged the country into 16 IMF programs.

‘The unstable Central Bank was set up by a US money doctor in 1950 in the style of Argentina’s BCRA, abolishing a Currency Board that had kept the country stable through two World Wars and the Great Depression, where money printing above the external anchor was outlawed.

‘The worst recorded crises in the country include the 1948 uprising against the then colonial administration which took place after the British railway bubble burst, commodity prices fell and the then colonial government upped taxes. However, there is no information on the economic contraction that year.

‘Sri Lanka’s citizens burnt the houses and property of the elected ruling class on May 9, after the unstable peg collapsed in a botched float where interest rates were not allowed to go up before the float and a surrender rule pushed the rupee down.

‘Interest rates were allowed to go up after my appointment as CBSL Governor and the economy is now slowing and the headlong crash of the rupee peg has slowed.’

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