Volvo and Srei BNP Paribas, a non-banking financial company, on Wednesday announced the launch of Volvo Financial Services (VFS), a private label retail finance programme. John Rakocy, President, Asia-Pacific, VFS , said the alliance would help Volvo strengthen its presence in India by offering its customers a range of finance options. Srei is to provide underwriting support to the sales of Volvo vehicles in India, he said.
D. K. Vyas, CEO, Srei BNP Paribas, said the company had now about 32 per cent share of the equipment financing business in India. “We have had had a relationship with Volvo since it established its presence in India,” Mr. Vyas said. “The alliance will do well because the market is now growing at 30 per cent,” he added.