DLL agreed to extend its long-standing U.S. joint venture with Mahindra and Mahindra Financial Services Limited. 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 Mahindra Financial Services Limited have more than 60 years of combined experience in financial services and equipment lending.
“We are delighted to extend our JV agreement with Mahindra and Mahindra Financial Services,” Tom Meredith, chief commercial officer and executive board member for DLL, said. “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,” Ramesh Iyer, vice chairman and managing director of Mahindra and Mahindra Financial Services, said.
Along with the joint venture agreement, Mahindra Finance USA and MAgNA agreed to an extension of its program and support agreement for retail and wholesale financing in the United States.
“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,” Viren Popli, president and CEO of Mahindra Ag North America and Mahindra Automotive North America, said.
“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,” Javier Pelaez, the newly appointed managing director of Mahindra Finance USA, said.
This year, Mahindra Finance USA is celebrating its 10th year of the joint venture partnership. The anniversary marks the first end-customer retail finance contract booked by the joint venture in 2011, as well as the beginning of the management of wholesale financing for MAgNA. Since then, Mahindra Finance USA has grown to more than $1 billion 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 20 years to collectively grow their agricultural businesses in the United States.
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