New Delhi, March 30 (IANS) Vehicle finance company Kotak Mahindra Prime Limited (KMPL) on Monday announced that its Board of Directors has appointed Suraj Rajappan as Managing Director & Chief Executive Officer for a three‑year term effective, June 1, 2026, subject to approval of members.

The current MD and CEO, Shahrukh Todiwala, will superannuate on (May 31, 2026) after serving the Kotak Group for over three decades, the release further said.

Suraj Rajappan began his career with KMPL and brings 24 years of cross‑functional experience across the entity, the firm said. KMPL is a subsidiary of Kotak Mahindra Bank Limited.

"We welcome Suraj to the helm. His deep industry experience and execution abilities position KMPL well for its next phase of growth,” said Ashok Vaswani, MD and CEO, Kotak Mahindra Bank.

Shahrukh leaves a strong legacy of prudent growth, risk discipline and customer centricity at Kotak Mahindra Prime, he added.

Suraj Rajappan said that KMPL will continue to focus on disciplined growth, innovation and best‑in‑class customer experience and further strengthen our partnership with all OEMs and dealer partners.

“Over nearly three decades, KMPL has evolved alongside India’s automotive and consumer‑credit markets, building a company anchored in risk discipline, governance and institutional continuity, while remaining closely aligned with the Kotak Group’s broader financial‑services ecosystem,” the release said.

KMPL was incorporated in 1996, as a 60:40 joint venture between Kotak Mahindra Finance and Ford Credit International, an organised car‑finance platform.

In 2005, Kotak Mahindra Bank acquired Ford Credit’s stake, making the company a wholly‑owned subsidiary of the Kotak Group, following which it was renamed Kotak Mahindra Prime Limited.

In 2025, DPIIT signed an MoU with Kotak Mahindra Bank to strengthen the nation's startup ecosystem.

The strategic collaboration with Kotak Mahindra Bank aims to create a comprehensive framework enabling startups to access customised banking solutions, credit and funding opportunities, digital and payment infrastructure, and capacity-building programmes, an official statement said.

—IANS

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