After Daimler AG’s German rivals established NBFC (Non-Banking Finance Company) in India, the company has received approval from the Reserve Bank of India to setup the same. Recently BMW and Volkswagen got their NBFC license from RBI. Daimler Financial Services India Private Limited, will be a 100% subsidiary of Daimler AG and is expected to be operational in the 3rd quarter of 2011 and will offer financing, leasing, insurance and dealer financing for Mercedes-Benz passenger cars. The commercial vehicle finance products will follow in 2012 after the start of truck production in Oragadam, near Chennai.
“By providing innovative and customized 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,” Sidhartha Nair, MD of Daimler Financial Services India said.
