Ford Credit India, a subsidiary of Ford Motor Credit Company, has been granted a license by the Reserve Bank to operate as a non-banking financial company in India.
“We are very pleased to be launching Ford Credit India early in 2015,” Ford Credit India Managing Director Mark Constable said in a statement.
The company plans to begin dealer wholesale inventory financing in the first quarter of 2015, while consumer retail financing will follow later in the year.
“Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India,” Mr. Constable said.
Ford India President and Managing Director Nigel Harris said, “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”
Ford has identified India as a key market in its Asia Pacific strategy. It is on course to invest $2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat, that will nearly double the company's installed production capacity in the country to 6.1 lakh engines and 4.4 lakh vehicles a year.