Mahindra Finance becomes third biggest agri-equipment lender in the US

Mahindra Group chairman Anand Mahindra congratulated Mahindra Finance USA and Mahindra & Mahindra Financial Services Limited (MMFSL) VP and Managing Director Ramesh Iyer on being the third largest agricultural equipment lenders in the US.

Anand Mahindra in a tweet on Tuesday informed of the feat to his followers and wished Iyer gets rest of the world in his sights too.

“Cheers for the Mahindra Finance USA team. It appears they have become the third biggest Agri-equipment lender in the U.S. There’s no stopping you now @ramesh_md Get the rest of the world in your sights too,” he said.

Cheers for the Mahindra Finance USA team. It appears they have become the third biggest Agri-equipment lender in the U.S. There’s no stopping you now @ramesh_md Get the rest of the world in your sights too... pic.twitter.com/PwVrXwIINO

— anand mahindra (@anandmahindra) June 6, 2018

Along with the text, he included a screengrab of a news report which listed top five agri-equipment lenders in the US.

The list sourced from Randall Reilly’s equipment data arm EDA placed Mahindra Finance USA at the third position behind market leaders Kubota Credit and John Deere. Based on agricultural equipment related filings by the companies during the month of April 2018, Mahindra Finance USA acted as a lender for 1,033 units of equipment.

Mahindra Finance USA is a joint venture between MMFSL and De Lage Landen Financial Services, Inc., a fully-owned subsidiary of the Rabobank Group.

For the year ended March 31, 2018, MMFSL reported a total revenue of Rs 7,206 crore, an increase of 15.5 percent from the FY17 revenue. The company also invested Rs 16.62 crore ($2.58 million) during the FY18 in Mahindra Finance USA. In FY17, the investment was Rs 31.1 crore ($4.64 million).