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Sri Lanka/Mumbai, February 24, 2022: Ideal Finance Limited, a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), today announced the rebranding of its company name to Mahindra Ideal Finance Limited (MIFL). This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka. The investment by Mahindra Finance has already resulted in a strong recognition for the company with a re – rating from Fitch ratings to AA – (Outlook Stable). MMFSL’s investment in Sri Lanka is part of Mahindra Finance’s international strategy of expanding into India like Asian markets; especially those that are of strategic importance for the Mahindra Group for its automotive and farm equipment products.
Ideal Finance already provides a wide range of financial services products to the Sri Lankan customers. The rebranded entity – Mahindra Ideal Finance – will further look at enhancing its customer value proposition by offering an even wider suite of products. These would include Gold Loans, leases for personal vehicles, commercial trucks, two & three-wheelers, SME loans, consumer finance loans and personal loans. The company is also aiming at rapidly increasing its branch network across the island to ensure it is able to service its customers as close to their doorstep as possible.
Speaking on the occasion, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “We are looking at expanding in Asia and this strategic partnership with the Ideal Group is a significant step in that direction. We believe that the Sri Lankan market holds great growth potential with a strong, long-term growth opportunity. The newly christened entity will be a win-win for both partners in this market as we bring in the required resources, capital and expertise to fuel this growth”.
Nalin Welgama, Chairman, Ideal Group mentioned, “Our association with the Mahindra Group has been a long standing one and the Mahindra Group lending its name to the erstwhile Ideal Finance is a testimony to the confidence that the Mahindra Group has in this partnership. We are confident that MIFL will facilitate exponential growth opportunities in Sri Lanka’s financial services market and help achieve our goal to become one of the leading financial institutions in the country. We strongly believe that the new brand - Mahindra Ideal Finance will have positive influence on the business and will propel the company to greater heights in Sri Lanka”.
Mahindra Ideal Finance intends to capitalize on Mahindra Finance's over 25-years of expertise in the financial services domain, and Ideal Finance's market knowledge - to build a robust financial services business in Sri Lanka. Mahindra Finance aims to replicate its successful and socially inclusive business
model in Sri Lanka by expanding the scope of business. Sri Lanka, with its cultural and geographical similarity to India, and its vibrant financial services market has emerged as a promising opportunity for Mahindra Finance. Sri Lanka as an automotive market holds strategic importance for the Mahindra Group, where it has also set up an assembly line operation.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 7.3 Million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1388 offices and reaches out to customers spread over 3,80,000 villages and 7000 towns across the country.
Mahindra Finance has been ranked 54th among India’s Best Companies to Work 2020 and Ranked 54th on the list of Best Large Workplaces in Asia 2020 by Great Place to Work® Institute.
Mahindra Insurance Brokers Limited (MIBL), the Company's Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.
Mahindra Finance CSR Foundation is a wholly-owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020 Mahindra Finance divested 49% stake in its wholly-owned subsidiary, Mahindra Manulife Investment Management Private Limited to Manulife Investment Management (Singapore) Pte. Ltd. to form a 51:49 joint venture.
Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020 Mahindra Finance divested 49% stake in its wholly owned subsidiary, Mahindra Manulife Trustee Private Limited to Manulife Investment Management (Singapore) Pte. Ltd. to form a 51:49 joint venture.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka. The Company holds 58.2% equity stake in MIFL. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook: @MahindraFin.
About Ideal Finance Limited
Ideal Finance, a non-banking financial institution registered with the Central Bank of Sri Lanka commenced operations in March 2012 with a clear focus on rural and semi-urban sectors. Its lending portfolio consists of commercial trucks, motor cars, three-wheelers, two-wheelers, gold loans, and personal loans, reflecting the representation of the market segment focused on by IFL.
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership positionin farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Media contact information
Mahindra Ideal Finance
Senior Manager – Marketing & Communications
Mahindra Ideal Finance Limited
Email – [email protected]
Email – [email protected]