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The Silicon Review Asia

Mahindra Finance to Buy Stakes in Sri-Lanka-based Ideal Finance

Mahindra Finance to Buy Stakes in Sri-Lanka-based Ideal Finance

Mahindra Finance has signed a deal with Ideal Finance, a Sri-Lanka-based company, ET reported on Tuesday. In the joint venture, Mahindra Finance will acquire 58.2 percent of the stake in Ideal for nearly Rs 81crore.

According to Mahindra Finance, it will inject almost Rs 81 crore until March next year for acquiring the stake.

The Sri-Lankan company said that the partnership will help it to establish a market-leading financial service business in the country. Ideal Finance will look toneighboring on Mahindra’s expertise in the field of financial services domain for the development.

For Mahindra Finance, the new investment is a significant step towards its global expansion strategy. The company has been scouting for expanding its market outside India as part of its worldwide expansion plan. Moreover, neighbouring Sri-Lanka has a lot of cultural and geographical similarities; therefore, it’s the right place to invest.

The company wants to setup up a similar business model in Sri-Lanka which is there in India. In addition, it haspowered the entrepreneurial aspirations of over 6.2 million customers in over 3, 70,000 villages in India. The assets under management for Mahindra Finance are more than $10 billion.

Nalin Welgama, Chairman of Ideal Finance said- “Ideal Finance shall be elevated to a tier-1 category with this partnership in a short span of time.”

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