MUMBAI: Assam's Amarjyoti Barua has made the state proud by getting appointed as the Group Chief Financial Officer (CFO) of Mahindra Group's Finance Organization.
Amarjyoti Barua's tenure as the group CFO of Mahindra Group's Finance Organization will effectively begin from May 17, 2024.
Barua's appointment comes in the wake of the resignation of Manoj Bhat, his predecessor, who is set to assume charge as the MD and CEO of Mahindra Holidays Resorts India.
It is to be noted that Amarjyoti Barua joined the Mahindra Group on May 15, 2023 as Executive Vice President - Group Strategy. He was serving as the executive vice president tasked with the responsibility of group strategy.
The Mahindra Group said that during his previous tenure, Barua was the architect of the financial and operational transformation of OFSE, whose presence is scattered across 120 countries and whose revenues stands at a whopping 14 billion dollars.
Meanwhile, Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian non-banking financial company, having its headquarters in Mumbai. It happens to be among the top tractor financiers in India, with more than 1000 offices spread across India.
Mahindra Finance started their journey on 1 January 1991 as Maxi Motors Financial Services Limited. They received the certificate of commencement of their venture on 19 February 1991.
The following year, Mahindra Finance changed their name to Mahindra & Mahindra Financial Services Limited (MMFSL) on 3 November 1992.
The company is registered with the Reserve Bank of India as an asset finance, deposit taking NBFC.
It commenced financing M&M utility vehicles in 1993 and started its first branch outside Mumbai in 1995, in the city of Jaipur.
The company began financing non-M&M vehicles in 2002 and plunged into the business of financing commercial vehicles and construction equipment in 2009.
In 2011, they had a joint venture with Rabobank subsidiary for tractor financing in the US and consolidated the product portfolio by introducing small and medium enterprises (SME) financing.