MGF Developments is a combination of a past group history of 70 years in the field of finance & automobiles and looking at a future with limitless boundaries. It not only inherited the parent company’s value systems of 100% commitment to its customers but developed a few of its own which has left its indelible imprint on the real estate market in India.
The history has proved that MGF is a group committed to its customers in the competitive arena of finance, hire purchase and leasing among others. Its continuous diversification to another businesses such as real estate and automotive dealerships has well established the fact that it can grow and adapt itself to suit the current business needs & demands and still retains leadership in its new businesses.
MGF Developments built the Metropolitan-Gurgaon in 2003 which forced its competitors to stand up and take notice that today's' customer is intelligent, wants quality and is willing to pay for it and knows the real thing from an imitation.
At a time when India was awakening to the call of freedom, a small company was taking a revolutionary step that would help hasten the country's development. The concept of hire purchase, and that too for automobiles appeared in the early 1930's to be quite a risky and, to some, a foolhardy enterprise. Yet, MGF attracted its first customer and the first vehicle bought in India on hire purchase was financed by MGF Limited.
Beginning with vehicle finance, the portfolio today spans the entire spectrum of small, medium and large-scale equipment finance as well as big ticket leasing. MGF's virtually instant credit appraisal facility has ensured that there is minimum time spent between clients approaching MGF financing and the actual disbursements of funds. Over six decades later, the number of vehicles financed by MGF rolls up to an impressive 2,20,000 trucks, buses, trailers, vans and automobiles.
MGF currently supports a large network of automobile dealerships for various principals including Hyundai, Toyota and Volvo trucks. MGF have also operated one of India's largest dealerships for commercial vehicles with a stronghold in Kerala and Tamil Nadu, and helped increase Telco's market share from 15% to a staggering 85% in this territory.
Stretching hands across the globe, MGF became the first Indian finance company to set up a joint venture called India Lease Development Ltd. (ILD) with the International Finance Corporation, the World Bank subsidiary, in Washington D.C. This MGF venture was followed by another called Citicorp Credit Services India Ltd., India's first factoring company in the private sector, in association with Citicorp Securities and Investments ltd., as associate of Citibank.
In 1997, MGF established its third joint venture for its consumer finance company. This time with Avco Financial Services, a subsidiary of Texton USA, a Fortune 500 company. Toda, Avco Financial Services India Pvt. Ltd. Provides retail financing, leasing and related services that help provide not only vehicles, but also consumer durables to a larger number of people in India.