Mumbai, March, 2026.

Kotak Mahindra Prime Limited (KMPL), a leading vehicle finance company and a subsidiary of Kotak Mahindra Bank Limited, has announced a leadership transition approved by its Board of Directors.

The Board has appointed Mr. Suraj Rajappan as Managing Director & Chief Executive Officer for a term of three years, effective June 1, 2026, subject to approval of members. Mr. Suraj Rajappanbegan his career with Kotak Mahindra Prime Limited and brings 24 years of cross‑functional experience across the entity. Mr. Shahrukh Todiwala, presently Managing Director & CEO, will superannuate on May 31, 2026, after serving the Kotak Group for over three decades.

Ashok Vaswani, MD & CEO, Kotak Mahindra Bank said,“Shahrukh leaves a strong legacy of prudent growth, risk discipline and customer centricity at Kotak Mahindra Prime. We welcome Suraj to the helm—his deep industry experience and execution abilities position KMPL well for its next phase of growth.”

Shahrukh Todiwala, MD & CEO, KMPL said, “Being a part of KMPL’s 30-year journey and contributing to its growth has been truly fulfilling, and leading the company has been an honour.I am confident that Suraj and the leadership team will build on this strong foundation and take KMPL to new heights.”

Suraj Rajappan, MD & CEO‑Designate, KMPL said, “I am honoured by the trust the Board has placed in me. 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.”

A long and storied franchise in Indian vehicle finance

Kotak Mahindra Prime Limited (KMPL) traces its roots to 1996, when it was incorporated as Kotak Mahindra Primus Limited, a 60:40 joint venture between Kotak Mahindra Finance and Ford Credit International—among India’s earliest organised car‑finance platforms. 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.

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.