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MMFSL in talks with MUL, Hyundai to act as preferred financier
Mumbai, May 05: Mahindra & Mahindra Financial Services Ltd (MMFSL), which posted 38 per cent rise in disbursals at Rs 1,609 crore in 2002-03, is in talks with Maruti Udyog Ltd and Hyundai to act as their preferred financier for purchase of cars in rural areas.
Mumbai, May 05: Mahindra & Mahindra Financial Services Ltd (MMFSL), which posted 38 per cent rise in disbursals at Rs 1,609 crore in 2002-03, is in talks with Maruti Udyog Ltd and Hyundai to act as their preferred financier for purchase of cars in rural areas.
"Tata Engineering and Hindustan Motors have already given us this status and currently talks are on with MUL and Hyundai on this issue as we have a strong 196 branch network mainly in rural and semi-urban areas", MMFSL managing director Ramesh Iyer told reporters here today.
In FY-03, MMFSL financed 10,000 small cars of MUL, Tata Engineering and Hyundai marking its foray into financing non-M&M products, he said.
Finance to non-M&M products constituted 15 per cent of the total disbursements in 2002-03, he added.
M&M executive director (finance and corporate affairs) Bharat Doshi said the non-banking finance company, which accounted for 11 per cent of Mahindra's consolidated profits in fy-02, would also look at financing second hand cars in the current year.
"We will finance non-M&M products but only those which are non-competing ones", he said, adding MMFSL has financed 26,528 M&M jeeps and 8,697 tractors in 2002-03.
MMFSL already has an agreement with Om Kotak Mahindra Life Insurance Company Ltd to act as a corporate agent and it would also look at distribution of other products such as car insurance and mutual funds, Iyer said.
Bureau Report
Finance to non-M&M products constituted 15 per cent of the total disbursements in 2002-03, he added.
M&M executive director (finance and corporate affairs) Bharat Doshi said the non-banking finance company, which accounted for 11 per cent of Mahindra's consolidated profits in fy-02, would also look at financing second hand cars in the current year.
"We will finance non-M&M products but only those which are non-competing ones", he said, adding MMFSL has financed 26,528 M&M jeeps and 8,697 tractors in 2002-03.
MMFSL already has an agreement with Om Kotak Mahindra Life Insurance Company Ltd to act as a corporate agent and it would also look at distribution of other products such as car insurance and mutual funds, Iyer said.
Bureau Report