The company launches its financial wing
G erman luxury car and commercial vehicle maker Daimler has received approval from the Reserve Bank of India to set-up a non-banking finance company for its financial services business in India. The newly founded Indian company, Daimler Financial Services India, will be a 100 per cent subsidiary of Daimler AG and is expected to be operational in the 3rd quarter of 2011.
Daimler AG's move to offer financial services in India completes the entry of the German luxury car maker trio into the vehicle finance business. BMW started its financial services arm in October last year, followed by Audi (VW Financial Services) this March.
The product range of Daimler Financial Services in India will include financing, leasing, insurance and dealer financing for Mercedes-Benz passenger cars at market launch. The commercial vehicle finance products will be offered, for the newly developed Daimler truck brand for the Indian market, BharatBenz, in 2012 after the start of truck production in Oragadam, close to Chennai.