Mahindra Finance looking to increase branches of Sri Lankan subsidiary to around 100

The first step that we have taken is to really increase the branch expansion of MIFL. In the last three months, we have added 8-10 branches.

Mahindra & Mahindra Financial Services Limited (Mahindra Finance) on Thursday said it is planning to increase the number of branches of its Sri Lankan subsidiary Mahindra Ideal Finance Ltd (MIFL) to around 100 over the next three years from 17 at present.

In July 2021, Mahindra Finance had increased its stake in Sri Lanka-based Ideal Finance to 58.2 per cent from 38.2 per cent, making the latter its subsidiary.

Ideal Finance Ltd on Thursday announced the rebranding of its company name to Mahindra Ideal Finance (MIFL).

''It was a smaller venture to start with. The first step that we have taken is to really increase the branch expansion (of MIFL). In the last three months, we have added 8-10 branches. We have a very clear road map of increasing branches to close to 100 in the next three years,” Mahindra Finance Vice-Chairman and Managing Director Ramesh Iyer said.

Ideal Finance offers gold loans, leases for personal vehicles, commercial trucks, two and three-wheelers, SME loans, consumer finance loans and personal loans in the Sri Lankan market.

Iyer said the strategy is to continue with these products.

Mahindra Finance's investment in Sri Lanka is part of its international strategy of expanding into Asian markets, especially those that are of strategic importance for the Mahindra Group for its automotive and farm equipment products.

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