DLL, Mahindra -; Mahindra Financial Services, and MagNA to continue long-standing partnership

11 Mar 2022 , 10:18 AM

DLL, a global financial solutions provider and fully-owned subsidiary of the Rabobank Group on Thursday announced an agreement with Mahindra & Mahindra Financial Services Limited (MMFSL) to extend their long-standing U.S. joint venture.

The joint venture, under the name Mahindra Finance USA, offers retail and wholesale financing in the United States for Mahindra Ag North America (MAgNA), which assembles and distributes tractors, side-by-sides, and implements in North America. DLL and MMFSL bring more than 60 years of combined experience in financial services and equipment lending.

At around 10.16 am, Mahindra & Mahindra Financial Services Ltd was trading at Rs145.05 per piece up by Rs0.9 or 0.62% from its previous closing of Rs144.15 per piece on the BSE.

“We are delighted to extend our JV agreement with Mahindra & Mahindra Financial Services,” said Tom Meredith, DLL Chief Commercial Officer and Executive Board Member.

“By signing this agreement, we can continue to provide Mahindra, its dealers, and end customers with competitive and effective financing options to meet their needs.”

“It is a matter of pride for us to take forward our association with DLL. The mutually rewarding relationship has allowed both companies to further finance key agriculture-based projects and equipment. I am sure that we will jointly scale new vistas of financial services, positively impacting the communities at large,” noted Ramesh Iyer, Vice Chairman & Managing Director, Mahindra & Mahindra Financial Services, when speaking on the association.

Along with the joint venture agreement, Mahindra Finance USA and MAgNA have agreed to an extension of their Program and Support Agreement for retail and wholesale financing in the U.S.

“MAgNA’s association with Mahindra Finance USA and DLL has resulted in providing a complete financing solution for our dealers and customers. They bring experience, value, and exceptional service to our customers with a strong focus on product offerings and technology. We look forward to collaborating with MFUSA to continue growing our business in this strong retail market,” said Viren Popli, President & CEO, Mahindra Ag North America and Mahindra Automotive North America.

Javier Pelaez, the newly appointed Managing Director for Mahindra Finance USA, added, “This is a formidable milestone and a true example of a sustainable and long-lasting partnership. We are excited to continue to take our partnership with MAgNA to new heights.”

This year, Mahindra Finance USA is celebrating its 10th year of the joint venture partnership. The anniversary marks the first endcustomer retail finance contract booked by the joint venture in 2011, as well as managing the wholesale financing for MAgNA. Since then, Mahindra Finance USA has grown significantly, reaching over $1 billion USD of assets under management. While the anniversary recognizes the initiation of the joint venture, the relationship between DLL and MAgNA goes back farther. DLL and MAgNA have
partnered together for more than twenty years to collectively grow their agricultural business in the U.S.