Mahindra takes 58% stake of Ideal Finance for Rs. 2 bn
Sri Lanka, Aug. 21 -- India's Mahindra & Mahindra Financial Services Ltd will invest Rs. 700 million next month as part of a deal to take 58.2% stake of Ideal Finance Ltd, a subsidiary of Ideal Group.
India's leading Non-Banking Finance Company (NBFC) - Mahindra Finance will invest a further Rs. 1,300 million in two installments in 2020 and March 2021 to finish off the deal with a total investment to Rs. 2 billion.
"We believe that the Sri Lankan market holds great potential for growth and we see a long term growth opportunity in this market and are committed to bringing in the required capital and expertise to fuel this growth," Vice-Chairman & Managing Director, Mahindra Finance, Ramesh Iyer said in Colombo yesterday.
"The joint vent...
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