Business

Technology Transfer Mission at Mahindra Ideal Lanka Pvt Limited, Welipenna

Published

5 years ago

2021/02/7

SL technicians set to roll over all stages of car assembly at the plant

An Indian Automobile Engineer, who was a plant head Mahindra Ideal Lanka Pvt Ltd. (MILPL), car assembly plant in Wellipenna of is due to leave the island after successfully completing this training mission. Post his movement, MILPL plant will be run by 100% Sri Lankan technical workforce.

Engineer Sadhasivam Durairaj told the media recently that he would be completing his two-year technology transfer mission and Plant Head role on January 31, 2021 and he had utmost confidence that Sri Lankan technicians have gained the knowledge and competency to create a product according to the specifications of Mahindra & Mahindra, India.

“In fact, I can assure that Sri Lankan car assembly technicians at MILPL can perform the duties and responsibilities such as diagnostic tests on the assembled product to ensure efficiency and conduct adjustments as needed on par with global standards,” he said.

“Assembly technicians must be knowledgeable about the technology and mechanical industry as well as have the ability to analyse designs as a guide for creating high-quality products. Sri Lankan technicians have now absorbed all these skills to perform the assembly operations with no supervision”.

“I trained around 50 technicians and found that working at an assembly plant producing a quality product had come naturally to them. That made my job easier and more enjoyable. In fact, when I first interviewed them, I had planned to ask them only the basic questions, but I was surprised that they were even able to answer questions on more complex things such as functions of car parts, Importance of automotive systems, root causes etc. That made me confident of producing global standard quality cars in Sri Lanka from day one. I saw that training was mainly required in areas such as standardization, plant safety, shop floor disciplines etc. Over the period, they learned quickly and they adhered to standards and specifications. I’d simply say that they were good learners and followers”.

Referring to personal attributes of his Sri Lankan technical staff, Sadhasivam said,” they showed a great deal of self-discipline, attention to detail, good problem-solving skills, passion for technology and focus on the end-user of the product; all of which led to functional excellence at the assembly line”.

“The global automotive industry supply chain adopts lean manufacturing concepts, our Mahindra Ideal Lanka plant is a venue for Lean Production. We procure around 30% parts locally – seat, exhaust, battery and tyre, the local value-added parts are ordered based on the monthly requirements and procured on Just-In-Time (JIT) basis. similarly, other consumables and Imported parts are procured based on our stock holding policy – this depends on the lead time which includes packaging, shipment and customs clearance”, he said.

“Mahindra vehicles are a strong line-up of great reliability. In India, we call it Scorpio company or Bolero company because it is well- known for its sturdy products. And Ideal Motors Sri Lanka is a well established network with its service centers, showrooms, logistics and customer care centres. That synergy will ensure customer delight like no other combination,” he said.

When asked about the assembly plant’s production capacity, Sadhasivam said,” the annual capacity is 5,000 units, now we produce 100+ cars per month and we will ramp up daily production as market demand increases. Presently we have assembled KUV100 Manual Petrol variants, and we have planned to add KUV100 AMT Diesel variants in the time to come”.

“Our technicians at MILPL plant are committed to ‘Zero Defect Manufacturing and doing it right the first time. The past two years of my life as Head of Vehicle Production Plant of Mahindra Ideal Lanka have been full of amazing experiences and a lot of professional satisfaction. I came across some of the most talented, experienced and friendly coworkers in Sri Lanka, I would miss being part of this great workplace and would say that anyone who gets the opportunity to work here will find it an energy-filled workplace”.

Sadhasivam is moving on to a new ‘challenging’ position in another automotive company in India next month.

All News Advertisement

Business

Embedding human rights, equity and integrity into business leadership

Published

11 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

11 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

11 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.