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Mahindra Finance and Ideal Finance form Joint Venture in Sri Lanka
Business

Mahindra Finance and Ideal Finance form Joint Venture in Sri Lanka

Agency News

Mumbai, Aug 20 : NBFC Major, Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance), has entered into a joint venture with Ideal Finance Ltd., a fully owned subsidiary of the leading Sri Lankan conglomerate, Ideal Group.

Mahindra Finance will invest LKR 2 billion until March 2021 for up to 58.20 pc stake in Ideal Finance. The joint venture will capitalize on Mahindra Finance’s 25-year expertise in the financial services domain and Ideal Finance’s domestic market knowledge to build a leading financial services business in Sri Lanka.

Mr Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, said, ''Mahindra Finance, with its strong financial services expertise and innovative products have added value to the lives of millions of customers both in India and in a developed market like the US. We believe that the Sri Lankan market holds great potential for growth. Ideal Finance with its knowledge, highly experienced team, and widespread network is the right partner to help us create a leading financial services company in Sri Lanka. We see a strong, long term growth opportunity in this market and are committed to bringing in the required capital and expertise to fuel this growth.''

Mr V Ravi, Executive Director & Chief Financial Officer, Mahindra Finance, said, ''The foundations of the financial services business are trust and transparency. The Mahindra Group is known for its high standards of governance. I am certain that together Ideal Finance and Mahindra Finance will build a leading financial services business, which will be a gold standard for best governance in the NBFI industry.'' (UNI)