Rebranding of its company name to Mahindra Ideal Finance Limited (MIFL) has formed a 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.
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, 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.
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.