Mahindra Finance to acquire 20% stake in Mahindra Insurance Brokers from Inclusion Resources

Mahindra Finance, a financial company, agreed to acquire 20% stake in Mahindra Insurance Brokers, an insurance company, from Inclusion Resources. Financial terms were not disclosed. “The association between IRPL, MIBL & Mahindra Finance has been mutually rewarding for all the parties. IRPL has been a valued partner for us, and I would like to place on record the support we have received from IRPL and its nominee director on the Board of MIBL. MIBL has, over the years, built a strong retail broking franchise, been consistently profitable while adding up to 2m customers annually. We believe that broking will continue to play a significant role in furthering penetration and growth of Insurance industry in expanding its retail insurance broking franchise (non-life and life), commercial lines & reinsurance broking, strengthening its position as one of India's leading insurance brokers,” Ramesh Iyer, Mahindra Finance Vice Chairman & Managing Director.