From left: Mahindra Finance Chief Operating Officer Raul Rebello, Ideal Group Chairman Nalin Welgama, Ideal Group Deputy Chairman Aravinda De Silva, Mahindra Ideal Finance Limited Director Mufaddal Choonia and Mahindra Ideal Finance Limited Chief Executive Officer Duminda Weerasekara

Ideal Finance Limited, a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/MMFSL), 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 and 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. 

Speaking on the occasion, Mahindra Finance Vice-Chairman and Managing Director Ramesh Iyer 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.”

Ideal Group Chairman Nalin Welgama 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.”