A Kotak Mahindra Financial institution arm on Wednesday introduced it has acquired the passenger car finance portfolio of the exiting Ford Motor Firm’s captive lending platform for an undisclosed sum. Kotak Mahindra Prime acquired Ford Credit score India’s mortgage portfolio of Rs 425 crore unfold throughout 16,000 clients, an official assertion stated.
The deal comes three months after Kotak Mahindra Group’s acquisition of the car financing mortgage portfolio of Volkswagen Finance comprising passenger vehicles, two-wheelers and industrial automobiles.
Kotak Mahindra Prime’s managing director Vyomesh Kapasi stated the deal needs to be seen as illustrative of the corporate’s intention to develop its car financing enterprise and have a robust presence on this area.
Ford Credit score has been in enterprise since 2015 and its clients will transition to Kotak Prime in a deliberate method over the following few months, as per the assertion.
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The present inventory worth, it stated, can be constructing 25 per cent market share within the home EV two-wheeler traction motor phase.
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