Mahindra First Choice Wheels signs MOU with Syndicate Bank for Vehicle finance

Company Brief

Mumbai, August 10, 2009

Mahindra First Choice Wheels Limited, India’s largest multi-brand pre-owned car company, has signed an MOU with Syndicate Bank, one of India’s premier Public Sector banks, for financing the purchase of vehicles by Dealers and Retail customers.

Mr. Shubhabrata Saha, CEO, Mahindra First Choice Limited, signed the MOU along with Mr. B.R. Pai, General Manager, Retail Banking Department, Syndicate Bank. Mr. A. Ramachandran, Executive Director, Syndicate Bank and Mr. Sivaram, Director, Mahindra First Choice Wheels Limited were also present on the occasion.

“As an organized pre-owned car retailing company, we are extremely pleased to partner with Syndicate Bank as it will help us expand the scope of our business. There is immense potential for sale of certified pre-owned cars in India. This facility of Financing at attractive rates, from Syndicate Bank will help us provide consumers a hassle-free experience in purchase of Certified Pre-Owned Cars.” said Mr. Shubhabrata Saha, CEO, Mahindra First Choice Wheels Limited.

“This agreement is the first of its kind for financing of pre-owned cars and it will help us expand our business under Inventory Funding for dealers of four wheeler manufacturers, as well as for the retail portfolio. Syndicate Bank will also leverage its wide branch network to promote this vehicle loan product to prospective buyers,” said Mr. S. Ramachandran, Executive Director, Syndicate Bank.

Filling the gap created by the exit of private sector banks and finance companies, this joint initiative will help the bank increase its credit portfolio while for Mahindra First Choice Wheels Limited it creates a window to widen the scope and scale up its business substantially. Syndicate Bank will be a preferred financer for Dealers purchasing vehicles for Inventory and also for retail customers to purchase certified pre-owned cars from Mahindra First Choice Wheels Limited.

Mahindra First Choice is the country’s preferred pre-owned car mart and is India’s only organized multi-brand player. Innovation has always been the hallmark of Mahindra First Choice. It had earlier pioneered the concept of warranty on used cars, which is now a benchmark for other players in the organized used car business. As part of its customer-centric efforts, Mahindra First Choice provides certification indicating the exact condition of the car, helping customers buy good quality used cars.

Today, Mahindra First Choice has a nation-wide presence through its authorised dealers. Mahindra First Choice is a part of the Mahindra Group’s After-Market Sector which also includes Mahindra First Choice Services Ltd., a multi-brand car service business and the Mahindra Spares business (both Mahindra and non-Mahindra).

For further information, please contact:

Mahindra & Mahindra Ltd

Roma Balwani

Tel: 022 - 24901441

Email: balwani.roma@mahindra.com