Subsidaries of Mahindra Finance

At Mahindra Finance, our vision has always been to make a positive difference to as many lives as possible. It is what inspires us to expand our family and deliver more value to our customers through superior services and expertise. Here's a bit about two such successful ventures – Mahindra Insurance Brokers Ltd. and Mahindra Rural Housing Finance Ltd., whom we are proud to have as a part of our ever-growing family.

Brokers

We live in a day and age where staying protected against the uncertainties of tomorrow is of paramount importance. Understanding this very requirement, Mahindra Insurance Brokers Ltd. (MIBL), our subsidiary, provides 3600 insurance solutions, tailor-made for the diverse needs and risk profiles of our varied consumer base. While providing direct insurance broking for the retail customer base of around 1.3 million and catering to a large number of corporate customers, the company also offers a range of plans for the Life as well as Non-life insurance segments.

MIBL is committed to provide value to its customers by understanding their insurance needs and risk profile in a highly detailed and systematic manner. This helps in chalking out more innovative, cost-effective and customised insurance solutions. And its uncompromising adherence to the highest standards of quality is evident from the fact that it is one of the few insurance broking companies in India to have been awarded the prestigious ISO 9001:2008 Certification for Quality Management Systems.

MIBL was granted a Direct Broker's Licence by the Insurance Regulatory and Development Authority (IRDA) in May 2004, enabling it to undertake direct insurance broking in Life and Non-life businesses. In addition, MIBL has empanelled itself with various public and private insurance companies to fulfil its promise of delivering customised solutions to customers. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into the Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL also plays an integral role in the Risk Management portfolio of customers.

Our Vision:

"To be India's no.1 Insurance Broker in revenue by 2015."

Strategic Partnership

In September 2012, Mahindra Insurance Brokers Limited (MIBL) has entered into Definitive Agreements with Inclusion Resources Private Limited (IRPL), a subsidiary of LeapFrog Financial Inclusion Fund, incorporated in Singapore and Mahindra & Mahindra Financial Services Limited (MMFSL), its parent company to expand the Company's services to consumers in rural and semi-urban areas of India, by bringing in IRPL's international knowledge and experience, especially in using low cost technology solutions to provide insurance in mass markets. In addition, given IRPL's expertise and association in reinsurance globally, IRPL would help the Company to connect with various global reinsurers to assist in the Company's reinsurance broking business.

LeapFrog Financial Inclusion Fund is the world's first and largest investor in companies that insure under-served people in Asia and Africa, and has International Finance Corporation (IFC), European Investment Bank (EIB), KfW Development Bank, Germany, FMO Development Bank of The Netherlands, etc. as its investors. LeapFrog Financial Inclusion Fund has a specialist focus on mass market insurance and invests in companies that provide insurance to the "Next Billion" emerging market consumers. LeapFrog Financial Inclusion Fund is unusual in two respects, first its focus on social impact and secondly, its focus on insurance.

Your Company has received the necessary approvals from the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board as well as the Reserve Bank of India for the aforesaid transaction.

Consequent to the above, MIBL is now a 85% subsidiary of MMFSL. IRPL has acquired a stake of 15% in MIBL.

housing

It could take a lifetime to create a place you can call home. At Mahindra Rural Housing Finance Ltd. (MRHFL), the intent is to make the journey to your dream home a little shorter.

MRHFL, India's largest rural housing finance company, was incorporated with an objective to transform the rural and semi-urban landscape by providing cost-effective and flexible home loans. So be it home construction, purchase, extension or improvement, MRHFL provides loans for most home finance requirements. Today, it successfully serves over 1 lakh customers and operates in more than 17,500 villages across states like Maharashtra, Madhya Pradesh, Rajasthan, Gujarat, Bihar, Andhra Pradesh, Tamil Nadu, Karnataka and Kerala.

In fact, MRHFL has been responsible for some major transformations in rural India. People in the remote villages have very little chance of getting loans from established financial institutions due to lack of documents. And local money lenders prove too expensive. This is where MRHFL comes into the picture and provides affordable home loans with minimum documentation.

It has facilitated the upgradation of many 'Kuccha' and unstable structures made of mud to 'Pucca' houses made of bricks and mortar, changing the flooring of houses from rough cement base to tiles. In short, huts have turned into homes, and dreams into realities.

A subsidiary of MMFSL, Mahindra Rural Housing Finance was incorporated on April 9, 2007 and obtained a certificate of registration to commence the business of a Housing Finance Institution from the National Housing Bank on August 13, 2007. Mahindra & Mahindra Financial Services Limited (MMFSL) holds 87.5% of the equity of MRHFL and the National Housing Bank (NHB) holds the remaining 12.5%. NHB, in turn, is a fully owned subsidiary of the Reserve Bank of India (RBI).

Our Mission:

"Transforming rural lives. Together"

Please visit the Mahindra Home Finance website to view the entire range of services offered.

Mahindra Manulife Trustee Private Limited (MMTPL), formerly known as Mahindra Trustee Company Private Limited, a company incorporated under the Companies Act, 1956, is the trustee for Mahindra Manulife Mutual Fund. On our Board of Trustees, we have Mr. Manohar G Bhide -former Chairman and Managing Director of Bank of India, Mr Gautam G. Parekh - Fellow Member of the Institute of Chartered Accountants of India, Mr Mukul K. Gupta - Chief Representative of India & Myanmar for The Manufacturers Life Insurance Co (Manulife), Mr. Suneet K. Maheshwari - Managing Partner Udvik Infrastructure Advisors LLP, Mr. Debabrata Bandyopadhyay - Founder & CEO of Touchstone Consulting and Mr. Nilesh Sathe – former member of IRDAI and Asian Insurance Forum, (Click here to view their full profile).

The Trustee Company plays a significant role of overseeing the process and systems applied by the Asset Management Company and it acts in the interest of the investors.

Mahindra Manulife Investment Management Private Limited (MMIMPL), formerly known as Mahindra Asset Management Company Private Limited, a company incorporated under the Companies Act, 1956, is the Investment Manager for Mahindra Manulife Mutual Fund. It is a joint venture between Mahindra & Mahindra Financial Services Limited (MMFSL) and Manulife Investment Management (Singapore) Pte. Ltd. The Board of Directors of MMIMPL is adorned by Mr. V Ravi – Executive Director and CFO of MMFSL, Mr. Ashutosh Bishnoi – MD & CEO of MMIMPL, Mr Gianni Fiacco - Head of Emerging Markets & Chief Strategy Officer for Manulife’s Wealth and Asset Management businesses in Asia, Ms. Chitra Andrade, Prof. G. Sethu and Mr. Vijay Seshadri Ramachandran. (Click here to view their full profiles.)

Mahindra Finance CSR Foundation is incorporated as a wholly-owned subsidiary of Mahindra & Mahindra Financial Services Limited on 2nd April, 2019 as a not for profit company limited by shares under Section 8 of the Companies Act, 2013 to inter alia, support, promote and enhance education, employment, vocational skills, and sustainable livelihood, curative and preventive healthcare measures; sanitation and availability of safe drinking water; measures eradicating hunger, poverty and malnutrition; sustainability environmental and ecological balance, etc.

 

MAHINDRA IDEAL FINANCE LTD (MIFL) which was initially known as IDEAL FINANCE LIMITED(IFL) incorporated in January 2012 is licensed by Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, and also registered under the Finance Leasing Act No.56 of 2000. Mahindra & Mahindra Financial Services Limited (MMFSL) India’s leading NBFC (Non-Banking Finance Company) has acquired 58.20% stake in the company in July’21 by investing LKR 2 billion.
MIFL is currently a fastest growing non-bank financial institution in Sri Lanka with “AA- (lka) Outlook Stable” rating from Fitch Ratings. The company’s current product portfolio consists of granting Leases, Loans, Gold Loans and accepting Fixed Deposits through its 18 widespread branches across the island. MIFL has formed strategic alliance with Ideal Motors (Pvt) Limited, an agent for importing and distributing light commercial vehicles, sport utility vehicles, three wheelers and two wheelers which provides MIFL an unmatched competitive advantage over its rivals. Company also recently awarded with GPTW (Great Place to Work) certification.

Get in Touch

Mahindra & Mahindra Financial Services Limited
4th Floor, Mahindra Towers,
Dr. G.M. Bhosale Marg,
P.K. Kurne Chowk, Worli,
Mumbai 400 018.

Click here to locate the nearest Mahindra Finance

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