M&A
Mahindra Finance acquires 58.2% stake in Sri Lanka's Ideal Finance for $10-M
Mumbai-based, publicly listed NBFC, Mahindra Financial Services, has acquired a 58.2% stake in Colombo-based Ideal Finance for LKR 2 billion (approx USD 10 million). Mahindra Finance entered into a contractual agreement with Ideal Finance in 2019, agreeing to acquire a 58% stake by March 2021, which was mutually extended by both companies till September 2021. With this deal, Mahindra Finance aims to replicate its business model in Sri Lanka. Ideal Finance will provide financial leasing for both Mahindra and non-Mahindra vehicles.
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