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Mahindra & Mahindra (M&M), to form a joint venture (JV) with Sri Lanka’s Ideal Motors, to assemble vehicles in Sri Lanka.
In a regulatory filing the company stated that, it will hold 35% of the share capital in the JV, while the remaining is proposed to be held by Ideal Motors or any of its affiliates.
The JV will be formed for the purpose of assembly of vehicles in Sri Lanka and M&M will invest up to 25 crore Sri Lankan rupees, but subject to requisite RBI approval. The company however, did not give any details on the type of vehicles to be assembled by the joint venture.
