By Tyron Devotta
The Capital Maharaja Group (CMG), now 95 years old, stands as a grand master of Sri Lankan business. With branches spread across key industries, finance, and development, the organisation is deeply entrenched in the country’s economic landscape. What is remarkable about CMG is it has never gone public, remaining fiercely private and family-owned for three generations. Today, the Group continues to thrive under the stewardship of Sashi Rajamahendran, who has built on the vision of his late father, R. Rajamahendran.
How has this conglomerate sustained its momentum in an ever-changing world? The Group’s latest annual review is testament to its enduring resilience: recording a profit before tax that reached an all-time high of six times greater than the previous year.
But CMG’s journey has not been without its share of trials. In 1983, the company was deeply affected by the wave of racial violence that engulfed Sri Lanka. Its factories and offices were reduced to ashes—a bitter irony, given that the majority of its workforce was Sinhalese. Yet, the Group then known as The Maharaja Organisation, was branded a ‘Tamil company’ and targeted in the unrest. In the aftermath, the management stood at a crossroads. It would have been easy to succumb to despair, but instead, the Board made a clear and unanimous decision: “We shall rebuild.”
Since then, CMG has never looked back. It has woven the ethic of reconciliation into a long-term process of healing, building trust, and creating spaces for understanding and shared growth. One shining example of this vision is its flagship community programme “Gamedda,” which at first glance may seem like philanthropy, but is in fact a carefully structured initiative to help rural and urban communities develop critical infrastructure, become self-sustaining, and move beyond a mindset of dependency.
This programme, a brainchild of the late chairman, R. Rajamahendran, has become a model for grassroots development in Sri Lanka. At this year’s annual review, the current chairman, Sashi Rajamahendran, encapsulated its mission perfectly when he said “CSR is just a label. Corporates should be responsible and such projects should be done not for publicity, but out of a belief in doing what is right, and in being part of something larger than ourselves.”
A highlight of CMG’s Annual Review this year was the attendance of Thabo Mbeki, who was second President of democratic South Africa, as Chief Guest. A key negotiator during South Africa’s peaceful transition to democracy, Mbeki is a prominent figure in the African National Congress (ANC) and a key architect of post-apartheid South Africa.
Chairman Sashi Rajamahendran & President Thabo Mbeki at the EOTY 2025
Reflecting on the choice of Chief Guest, Sashi Rajamahendran remarked, “President Mbeki’s presence here reflects that very spirit. He is not just a former Head of State, he is a builder of bridges, a man who stood for dignity, for equity, and for action rooted in truth. Today, as Sri Lanka attempts to rebuild on new terms, his example reminds us that legacies aren’t built in comfort; they are forged in courage. Let us step forward with that courage. Let us honour the past, but run towards the future. Let us not just turn 100; but let us become a Group (CMG) that defines what the next 100 is going to be.”
The Chairman who was addressing a packed audience of CMG executives and distinguished guests went on to remind them of what President Mbeki had once said, ‘Gloom and despondency have never defeated adversity. Trying times need courage and resilience,’ adding: “That struggle is not someone else’s job — it is one we can all choose to be part of.”
Capital Maharaja Group (CMG) Chairman Sashi Rajamahendran
In a symbolic gesture, CMG chose the iconic South African folk song ‘Shosholoza,’ as this year’s anthem for its EOTY (Executive of the Year) awards and annual review event. The Shosholoza, originally sung by migrant miners from Zimbabwe working in South Africa’s diamond and gold mines, means ‘go forward’ or ‘make way for the next person.’ Its driving rhythm once kept workers in sync as they laboured together, forging a spirit of unity and perseverance. The song later became an anthem of resistance during the anti-apartheid struggle; Nelson Mandela sang it in prison, likening its meaning to an unstoppable train bound for freedom.
At the annual review, the ‘Shosholoza’ was adapted into a Sri Lankan version — a vivid performance that blended African and Sri Lankan traditions, featuring dance, storytelling, with the iconic lion of both nations. It captured the spirit of solidarity that the Capital Maharaja Group now seeks to embody. (Link to performance)
Emphasising the significance of President Mbeki being chosen as Chief Guest, Chairman Sashi Rajamahendran added, “This is the time to look at reconciliation and development as two sides of the same coin. Our company has lived through this process since 1983. Now, Sri Lanka too must take on this journey. It is through reconciliation that meaningful development can truly happen. And who better than President Mbeki to remind us of what is possible?”
This article was also published in Daily Ft on 4th July 2025