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Manulife Financial Corp. has signed a deal to create a retail investment joint venture in India.

The Canadian company says it has formed a joint venture with Mahindra and Mahindra Financial Services Ltd.

The companies say the joint venture brings together Mahindra’s domestic market strength with Manulife’s global wealth and asset management capabilities.

Mahindra Finance, which is part of the Mahindra Group conglomerate, has more than five million customers and over 1,300 offices across India.

It is a vehicle and tractor financier and also offers fixed deposits and loans to small and medium-sized businesses.