MMFSL (Mahindra & Mahindra Financial Services Limited) is one of the best non-banking finance companies, mainly in India’s rural and semi-urban markets. It was started on 1st January 1991 as Maxi Motors Financial Services Limited. On 19th February 1991, it obtained a certificate of commencement of business.
It is a segment of the Mahindra Group which is one of the great business amalgamations in India. It is mainly involved in finance for new & pre-owned auto & utility vehicles, cars, tractors, & commercial vehicles. It also offers personal loans, housing finance, financing to small and medium enterprises, insurance broking and mutual fund distribution services. Its insurance broking subsidiary Mahindra Insurance Brokers Limited, is a licensed Composite Broker offering Direct and Reinsurance broking services.
Its other subsidiary Mahindra Rural Housing Finance Limited, offers loans for purchase renovation construction of houses to individuals in the country’s rural and semi-urban areas. Mahindra Asset Management Company Private Limited, a wholly-owned subsidiary of MMFSL, is considered the Mahindra Mutual Fund Investment Manager. It also has a JV in US Mahindra Finance USA LLC in partnership with De Lage Landen, a Rabobank subsidiary, for financing Mahindra tractors in the US.MERGERS AND ACQUISITIONS
Mahindra & Mahindra Ltd declared a share trade deal with TVS Automobile Solutions Pvt Ltd to amalgamate its multi-brand car & two-wheeler service venture. However, TASL will obtain the whole stake of Mahindra Holdings Ltd, a wholly-owned subsidiary of M&M, in Mahindra First Choice Services Ltd & its subsidiary Auto Digitech Pvt Ltd.SERVICES
Here are the services provided by Mahindra & Mahindra Financial Services Limited:
Pre-owned vehicle financing
The asset management company (mutual fund)
Mutual fund distribution
Mahindra Finance is Ranked 8th in the Great Places
Listed in Top 20 India’s Best Workplaces in the BFSI Industry.
Received the Indian Oil Logistics Award CV Financer
Received the ‘Best Employer’ by Aon
Received IDF CSR Award for participation in Resource Mobilization for Humanitarian Causes
Included in the renowned FTSE4Good Index Series constituent.
Created one of the most prestigious global benchmarks for corporate responsibility and sustainability, the Dow Jones Sustainability Index (DJSI), in the Emerging Markets Category
It is the only BFSI company from India to be included in the DJSI Emerging Markets category out of the selected 12 Indian companies.
Got 1st position for Excellence in Cost Management
Received Marketing Award for Best Customer Engagement
Received Global Corporate Sustainability Award under the award category of Reporting (Emerging Market).
Ranked 49th amongst top 100 Indian companies for Sustainability & CSR under Responsible Business Rankings
Recognised amongst the best 50 People Capital Index Companies which measures companies with best people development practices.
Received the 'Pioneer Award' in the individual category of the Enterprise Connect
Received Golden Peacock National Training Award
Won Deming Prize awarded by the Japanese Union of Scientists & Engineers
In 1992: The Company’s name was changed to Mahindra & Mahindra Financial Services Limited from Maxi Motors Financial Services Limited.
In 1993: It had started financing M&M Utility Vehicles as part of its work.
In 1998: It had registered with the Reserve Bank of India as a Non-Banking Finance Company. It had introduced a pilot project for retail tractor financing.
In 1999: It had commenced tractor retail financing in rural and semi-urban areas.
In 2002: It commenced financing of non-M&M vehicles. It also obtained Tier II debt from International Finance Corporation.
In 2004, it obtained a long-term credit rating of AA+/Stable & opened a branch in Port Blair.
In 2005: It made tie-up with Hindustan Petroleum Corporation Limited & created Mahindra Insurance Brokers Ltd as a wholly-owned subsidiary to undertake the insurance and related activities.
In 2006: It had issued Initial Public Offerings.
In 2016, it declared that its wholly-owned subsidiary Mahindra Asset Management Company Private Limited had acquired the Securities and Exchange Board of India’s approval to act as the asset management company to the Mahindra Mutual Fund launched by the company.
In 2017: Mahindra Insurance Brokers Ltd. declared that XL Group, through its subsidiaries, will obtain a 20% minority stake in the company subject to the satisfaction of customary closing conditions by each stakeholder.
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