Mahindra & Mahindra Financial Services Ltd has informed BSE that the Company has entered into a joint venture with De Lage Landen Financial Services Inc. (the 'DLLFS'), a wholly-owned subsidiary of the Rabobank Group, for setting up a joint venture Company namely Mahindra Finance USA LLC, a state of Delaware limited liability Company, to inter alia provide wholesale inventory financing to US based dealers, to finance dealer purchases of Mahindra products and to provide retail financing to end-user customers to finance their lease or purchase of Mahindra products or used products from dealers, in U.S.A.
DLLFS is a global provider of leasing, business and consumer finance solutions, including vendor finance and factoring. DLLFS and the Company have 51% and 49% interest in Mahindra Finance USA LLC, respectively.
The initial investment contemplated in Mahindra Finance USA LLC, is approximately US$ 5.02 million. The Company has received the 'No Objection Certificate' from the Reserve Bank of India for setting up the said joint venture.
Sensex
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Monday, January 10, 2011
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