M&M Finance to form JV with Rabobank Group unit

Mahindra & Mahindra Financial Services said on Monday it has entered into a joint venture with De Lage Landen Financial Services Inc, a wholly-owned subsidiary of the Rabobank Group.

The JV company, Mahindra Finance USA LLC, in which the initial investment will be approximately USD 5.02 mn, will provide financing to US dealers for purchase of wholesale inventory, dealer purchases of Mahindra products and retail financing amongst other things, it said in a statement. The firm has already received the no objection certificate from the Reserve Bank of India to set up the joint venture, it added.