Mahindra & Mahindra Financial Services Ltd has entered into an agreement to acquire a majority 58.2 per cent stake in Sri Lanka’s Ideal Finance Ltd (IFL) for LKR 2 billion (about 11 million). Sri Lanka, with its cultural and geographical similarity to India and its vibrant financial services market, emerged as the first choice. With this joint venture Mahindra Finance aims to replicate in Sri Lanka, its successful, socially inclusive business model

(Dealstreet Asia)