Business and Economics
Mahindra Ideal Welipenna plant adds 805 KWh roof solar

Mahindra Ideal Lanka (Pvt) Ltd in Welipenna, a subsidiary of the IDEAL Group is set to add a massive 805 Kilowatt (kW) solar power to the national grid, on 5 September, commemorating Founders Day, the birthday of Nalin Welgama, the company’s Founder and Chairman.

Contributing to a greener planet and saving the nation’s resources, the Ideal Group’s subsidiaries including Ideal Motors, Ideal Choice and Ideal First Choice have previously established solar power units at their business locations and already benefit from renewable energy and earth-friendly solutions.

All these installations have been completed by Ideal Greentech (Pvt) Ltd, a subsidiary of the Ideal Group, for Rs. 260 Mn contributing a monumental over 2 Megawatts to the national grid. Commenting on its sustainability journey, Nalin Welgama stated, “The whole world is now focusing on renewable energy. As Sri Lanka too embraces the potential of renewable energy sources, we at Ideal Group believe it is our national responsibility to focus and contribute towards this national endeavour.
Lanka IOC express concern for Blind Women’s Society

Lanka IOC stepped up their commitment to giving back to society through CSR activities by way of distribution of very hygienic dry ration stuff to numerous families of the Sri Lanka Welfare Society of the Blind Women.

The same was highly appreciated by the President of Blind Women’s society and they thanked Lanka IOC for coming forward during this pandemic time and taking care of blind people.

Lanka IOC MD Manoj Gupta thanked SLWSBW for giving them this noble opportunity and assured them of their continued regular empathy and assistance to the best possible extent.

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Pandemic has mixed effects on Insurance Industry -IASL

The Insurance Association of Sri Lanka celebrated National Insurance Day on the 1st of September 2021. Insurance Month will be commemorated to spread awareness about the importance of insurance and its relevance at present. As all industries in the country undergo continuous challenges and changes during the global pandemic, the insurance industry has been dynamic in its approach to customers in providing timely policy solutions.

IASL President Iftikar Ahamed provided a look inside the insurance industry, detailing the changes in the industry landscape and IASL’s role during this time.

“The pandemic has had mixed effects on the insurance industry in the past year. The Life Insurance Industry Gross Written Premium (GWP) grew by 16% to cross the LKR 100 billion threshold in 2020, and the first six months of 2021 saw a growth of 30%, which is a remarkable number despite the effects of the previous year. The import of motor vehicles had a detrimental effect on the General Insurance sector, which had negative growth of 1.3% towards GWP of LKR 99.5 billion in 2020. The first half of 2021 too recorded negative growth of 0.3%.

“As the apex body of the industry, insurance awareness month is utilized to spread awareness of the relevance and importance of insurance to every Sri Lankan. We have seen many insurance providers explore new avenues that would be timely solutions for our customers as they push the traditional limits in solutions and selling by transitioning into the digital sphere, reducing overall turnaround times. These have to be taken to the public in quick and efficient ways, where aggressive marketing and sales become key. The Insurance Awareness month, therefore, becomes more crucial this year.”

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