M&M, DLLFS team up to finance US tractor dealers
January 21st, 2011 - 11:42 pm ICT by IANSMumbai, Jan 21 (IANS) Mahindra & Mahindra’s financial services subsidiary Mahindra Finance Friday announced a joint venture with De Lage Landen Financial Services to provide finance to US-based tractor dealers.The new venture, named Mahindra Finance USA LLC, will have 49 percent by the Indian partner and the rest by DLLFS.
DLLFS is a fully-owned subsidiary of Rabobank Group specializing in asset-based financing programs for equipment manufacturers, dealers, and distributors worldwide.
“Mahindra Finance USA LLC is our first ventures outside India. We will jointly with our new partner guide the future of this venture for success by delivering products and services to both tractor dealers and customers,” said Mahindra Finance’s Managing Director, Ramesh Iyer.
Iyer expressed confidence that its partnership with DLLFS would enable catapult Mahindra USA’s tractors sales to new heights in the US.
“This joint venture will allow us to fully leverage the strengths of both partners to provide creative financial solutions for our customers,” DLLFS President for Global Business Unit Food & Agriculture, Tom Meredith, said on the occasion.
The new JV with a total investment of US$ 10 million, will provide exclusive wholesale inventory financing to US-based tractor dealers and retail financing to end-user customers on Mahindra tractors and implements or used products.
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Tags: asset based financing, business unit, creative financial solutions, de lage landen financial services, dllfs, financing programs, food agriculture, global business, indian partner, jan 21, jv, mahindra tractors, mahindra usa, new partner, partner guide, rabobank, tom meredith, tractor dealers, usa llc, wholesale inventory