Kotak buys auto loan kitty of Ford Credit

Kotak Mahindra Prime has acquired the entire retail auto finance portfolio from Ford Credit Kotak Mahindra Private (Ford Credit India). Ford Credit India is a wholly owned subsidiary of Ford Credit International.

Following this acquisition, KMP will finance retail purchases of Ford as well as non-Ford cars. Kotak Prime's director, Dipak Gupta said that the Kotak Mahindra group is committed to maintaining its position as a significant player in the auto finance segment.

"We have made a strategic decision to sell the India retail financing portfolio," said Mike Kozel, president of Ford Credit International's Asia-Pacific Region.

In the December quarter, the Kotak Mahindra Group's ownership in Kotak Mahindra Primus rose to 100 per cent, following the acquisition of 40 per cent stake held by Ford Credit International.

Simultaneously, the Kotak Mahindra group had sold its entire holding in Ford Credit Kotak Mahindra to FCI.