Kotak Mahindra Group (Kotak Group) and Ford Credit International (FCI) have announced the realignment of their nine-year-old joint venture today. According to a Kotak Group release issued to the BSE, the restructuring process will see the Kotak Group pick up 40% stake in Kotak Mahindra Primus (KMP) held by FCI, giving the Kotak Group complete ownership of KMP. The release further states that FCI will increase its holdings in Ford Credit Kotak Mahindra (FCKM) from 55% to 100%. While Kotak Group held 35% in FCKM, the remaining 10% was with Mahindra & Mahindra (M&M). Uday Kotak, vice chairman and MD, Kotak Bank said, "We had a very fruitful association with Ford Credit International in the field of car financing in India. We wish Ford Credit success in their renewed endeavour to focus on activities that support the sale of Ford products and services. Kotak Mahindra Group, on its part is committed to continue building its car finance franchise and maintain its position as a significant player in the segment, consistent with its philosophy of building India's leading financial institution."
