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Mahindra & Mahindra Financial ties up with Maruti Udyog for financing vehicles in rural India
Posted On : 2006-07-10 12:43:48( TIMEZONE : IST )
Mahindra & Mahindra Financial Services Ltd (MMFSL) has announced that the Company has signed an agreement with Maruti Udyog Ltd (MUL) to provide finance to all of the latter’s products. Under this pact the Company will leverage on its strong rural presence to provide retail finance for Maruti vehicles.
The agreement was signed by Mr. Bharat Doshi, Executive Director, (Finance & Corporate Affairs) and President (Trade & Financial Services Sector) Mahindra & Mahindra Ltd and Mr. Jagdish Khattar, MD Maruti Udyog Ltd.
Mr. Bharat Doshi, Executive Director (Finance & corporate Affairs) and President (Trade & Financial Services Sector), M&M, said, This is a coming together of two leaders - Maruti being the largest car maker in India and MMFSL being the leader in the rural finance business. This agreement is a strategic decision aimed at drawing synergies from the two partners. For MMFSL, it is another feather in its cap.
Mr. Ramesh Iyer, Managing Director of the Company said, This strategic initiative is part of our larger growth and expansion strategy. This alliance signifies that the growing passenger vehicle market in India and we are positioning ourselves to play a very crucial role. Its a win-win situation for both players - while we get to tap a larger customer base, Maruti gets the benefit of our unparalleled branch network to reach out to more customers.
According to this agreement, the Company will utilize the dealer network of MUL and its service mark Maruti Finance to market its auto loans. The Company will have the non-exclusive license to use Maruti Finance mark to sell its products. Both the Company and MUL can participate in joint promotion schemes as mutually decided to promote and market auto loans for Maruti vehicles.
The Company, which was recently listed on the NSE and the BSE, boosted its leadership in the rural finance domain by adding 46 branches to its national network in 2005-06. It recently added two more branches to take its number of branches to over 306 across the country.
A significant aspect of its network is that all the 306 plus branches are computerized and of these more than 200 branches are connected online through a centralized connectivity to the main of the Company server in Mumbai.
