Daimler AG gets RBI nod for non-banking finance companyApril 25th, 2011 - 9:03 pm ICT by IANS
Chennai, April 25 (IANS) Luxury car major Daimler AG Monday said it has received approval from the Reserve Bank of India to set up a non-banking finance company for its financial services business in the country.
“India is one of the fastest growing automotive markets and Daimler Group has high expectations from this market,” said Richard Howard, member of the board of management of Daimler Financial Services AG, Africa and Asia-Pacific.
“Every second passenger car and every fourth commercial vehicle from Daimler is financed or leased by us. We will initially invest upwards of $50 million as part of market entry,” he added.
The company’s financial services in India will support the sales of Mercedes-Benz cars and Daimler trucks as the market has a huge demand for financing solutions in the country.
The company will provide services like leasing, insurance and dealer financing for Mercedes-Benz passenger cars.
“By providing customised finance and insurance solutions to dealers and customers, we intend to enrich the ownership experience of Mercedes-Benz and Bharat Benz branded automotive products, under the Mercedes-Benz Financial and Bharat Benz financial labels,” said Sidhartha Nair, managing director of Daimler Financial Services India Private Limited.
Daimler Financial Services AG, the financial services arm of Daimler AG based in Berlin, has shown strong growth in the three other BRIC markets - Brazil, Russia and China.
Until year-end 2010, contract volume of Daimler Financial Services in Russia increased by 25 percent compared to the year before, in Brazil the increase was at 35 percent, and in China even at 100 percent, the official said.
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- Mercedes Benz registers 40 percent sales growth - Sep 02, 2011
- Mercedes to increase investments to Rs.850 crore - Sep 05, 2012
- Daimler to label India trucks BharatBenz, unveils new logo - Feb 17, 2011
- Mercedes Benz to start finance arm - Jul 21, 2010
- Mercedes-Benz sales soar - Apr 05, 2012
- Daimler unveils BharatBenz trucks for India - Mar 02, 2012
- Daimler rejigs trucks business in India - Jul 01, 2010
- Daimler to beef up its R&D; activities in India (Lead) - Apr 18, 2012
- Mercedes-Benz launches pre-owned car business in India - Jun 28, 2010
- Mercedes-Benz India to hike car prices from May 1 - Apr 26, 2011
- Nissan, Daimler eye joint plant in Mexico - Nov 17, 2011
- Daimler India's Bharat Benz trucks to roll on JK Tyres - Feb 06, 2012
- Mercedes-Benz sells 90 C-class cars' to Carzonrent - Jul 18, 2011
- Honegg to replace Aulbur as Mercedes' India chief - Nov 27, 2010
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