Ideal Finance renamed as Mahindra Ideal Finance
Ideal Finance, a subsidiary of Mahindra & Mahindra Financial Services, today proclaimed the rebranding of its company name to Mahindra Ideal Finance (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 firm said in statement.
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, 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 firm 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, “ 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."