Found a nice guy who does starter motor repairs for a reasonable charge. He runs a mechanic shop near Nawala Koswatta Junction, infront of Three Sinha roller door showroom (Sudarshana - 0714 988100).
Mine, the aluminium body had to be welded as there was a slight crack and he replaced the bushes and armature which did cost 10,500/= including labor + travel. In overall he has done a great job with a good care and not trying any 'cheap' fixes. Drove for like a month now and the motor works smooth as a charm!
By the way CarMart quoted 60K for a brand new motor .