Mahindra Finance, the non-banking finance unit of Mahindra Group, is planning to launch its asset management business, Money Control reports. The firm has applied for a mutual fund license from market regulator Securities Exchange Board of India, which is expected to be received by August 2011.

The new firm will design products focusing on investors in the rural areas. Mahindra Finance may unveil a crop related product or a daily systematic investment plan for farmers, considering their seasonal cash flow.

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