Mahindra & Mahindra Financial Services (Mahindra Finance) is planning to increase the number of branches of its Sri Lankan subsidiary -- Mahindra Ideal Finance (MIFL) to around 100 over the next three years from 17 at present. In July 2021, Mahindra Finance had increased its stake in Sri Lanka-based Ideal Finance to 58.2 per cent from 38.2 per cent, making the latter its subsidiary.
Mahindra Finance's investment in Sri Lanka is part of its international strategy of expanding into Asian markets, especially those that are of strategic importance for the Mahindra Group for its automotive and farm equipment products.
Mahindra Finance is one of India’s leading non-banking finance companies.
