SRI LANKA/MUMBAI:
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. Consequent to the change of name officially from Ideal Finance Limited to Mahindra Ideal Finance Limited, in Sri Lanka, 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.
