02nd April 2013, www.dailynews.lk
Sathosa Motors PLC will invest US $ 1 million to set up an assembly plant for Land Rover Defenders in Hambantota District.
“Preliminary work of the project has already been completed and the project is expected to commence shortly. The proposed project would make Land Rover vehicles available and affordable to a wider spectrum of the market,” Access Engineering and SML Frontier Automotive ( Pvt) Ltd Chairman Sumal Perera said.
He expressed these views at the launch of SML Frontier Automotive (Pvt) Ltd, which will be the exclusive distributor and after sales provider for Land Rover in Sri Lanka. SML Frontier Automotive (Pvt) Ltd is jointly owned by Sathosa Motors and Sheran Fernando.
This would be a 50-50% partnership between both parties.
Speaking about the new partnership Sumal Perera, Chairman SML Frontier Automotive said “We are very excited with the new partnership and this will be the first stepping stone to further expand our foot print in the motor vehicle market.
Access engineering Limited, a public quoted company now owns over 86% of Sathosa motors.
We are very much committed to keep the Land Rover name in its deserved status whilst upholding the good name that Land Rover have established in the world.
“The final beneficiary of this venture will be the Land Rover owners and enthusiasts; Today, we made a great emphasis on ‘after sales service’ through this joint partnership,” SML Frontier Automotive, Managing Director Sheran Fernando said.
It is planned to invest US $ 500 million at the initial stage of the project.
Image: SML Frontier Automotive ( Pvt) Ltd Chairman Sumal Perera and Managing Director Sheran Fernando at the launch of SML Frontier Automotive ( Pvt) Ltd. Picture by: Sumanachandra Ariyawansa.