Business
‘Mahindra Ideal Finance’ geared up for a top slot in financial services industry in Sri Lanka
Ideal Finance Limited, a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), recently announced the rebranding of its company name as Mahindra Ideal Finance Limited (MIFL). This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFCs) in Sri Lanka.
The investment by Mahindra Finance has already resulted in a strong recognition for the company with a re-rating from Fitch ratings to AA – (Outlook Stable). MMFSL’s investment in Sri Lanka is part of Mahindra Finance’s international strategy of expanding into India like Asian markets; especially those that are of strategic importance for the Mahindra Group for its automotive and farm equipment products.
Ideal Finance already provides a wide range of financial services products to the Sri Lankan customers. The rebranded entity – Mahindra Ideal Finance – will further look at enhancing its customer value proposition by offering an even wider suite of products. These would include Gold Loans, leases for personal vehicles, commercial trucks, two & three-wheelers, consumer finance loans and personal loans. The company is also aiming at rapidly increasing its branch network across the island to ensure it is able to service its customers as close to their doorstep as possible.
Speaking on the occasion, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “We are looking at expanding in Asia and this strategic partnership with the Ideal Group is a significant step in that direction. We believe that the Sri Lankan market holds great growth potential with a strong, long-term growth opportunity. The newly christened entity will be a win-win for both partners in this market as we bring in the required resources, capital and expertise to fuel this growth”.
Nalin Welgama, Chairman, Ideal Group mentioned, “Our association with the Mahindra Group has been a long standing one and the Mahindra Group lending its name to the erstwhile Ideal Finance is a testimony to the confidence that the Mahindra Group has in this partnership. We are confident that MIFL will facilitate exponential growth opportunities in Sri Lanka’s financial services market and help achieve our goal to become one of the leading financial institutions in the country. We strongly believe that the new brand – Mahindra Ideal Finance will have positive influence on the business and will propel the company to greater heights in Sri Lanka”.
Mahindra Ideal Finance intends to capitalize on Mahindra Finance’s over 25-years of expertise in the financial services domain, and Ideal Finance’s market knowledge – to build a robust financial services business in Sri Lanka. Mahindra Finance aims to replicate its successful and socially inclusive business model in Sri Lanka by expanding the scope of business. Sri Lanka, with its cultural and geographical similarity to India, and its vibrant financial services market has emerged as a promising opportunity for Mahindra Finance. Sri Lanka as an automotive market holds strategic importance for the Mahindra Group, where it has also set up an assembly line operation.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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