Daimler Receives Licence for Financial Services Business in IndiaBy Daimler Financial Services Ag, PRNE
Sunday, April 24, 2011
Market Entry Planned for 3rd Quarter of 2011 With own Company Subsidiary
CHENNAI, India and BERLIN, April 25, 2011 - Daimler AG received approval from the Reserve Bank of India to setup a
"Non-Banking Finance Company" for its financial services business in India.
The newly founded Indian company, Daimler Financial Services India Private
Limited, will be a 100% subsidiary of Daimler AG and is expected to be
operational in the 3rd quarter 2011.
"With business activities in over 40 countries, Daimler Financial
Services is one of the leading automotive financial services companies in the
world. Every second passenger car and every fourth commercial vehicle from
Daimler is financed or leased by us. 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 responsible for the region Africa & Asia/Pacific.
"Daimler Financial Services India will support the sales of Mercedes-Benz
cars and Daimler trucks as we see a large demand for financing solutions in
the market. We will initially invest upwards of 50 million US dollars as part
of market entry."
"By providing innovative and customized finance and insurance solutions
to dealers and customers, we intend to enrich the ownership experience of
Mercedes-Benz and BharatBenz branded automotive products, under the
Mercedes-Benz Financial and BharatBenz Financial labels", said Sidhartha
Nair, Managing Director of Daimler Financial Services India Private Limited.
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.
Daimler Financial Services AG, the financial services arm of Daimler AG
based in Berlin, has shown strong growth in the three other "BRIC markets":
Until year-end 2010, contract volume of Daimler Financial Services in Russia
increased by 25% compared to the year before, in Brazil the increase was at
35% and in China even at 100%.
Further information from Daimler Financial Services is available on the
internet at: www.media.daimler.com and www.daimler.com
About Daimler Financial Services
Daimler Financial Services supports the Daimler group's automotive sales
by offering tailor-made financial services. With a comprehensive product
portfolio ranging from financing, leasing and insurance concepts to fleet
management, the company manages a contract volume of EUR63.7 billion at
year-end 2010. Every second passenger car and every fourth commercial vehicle
of the Daimler group sold worldwide is financed or leased by Daimler
Financial Services. In close cooperation with the Daimler brands, Daimler
Financial Services increases customer loyalty and develops new earnings
potential for the Daimler group. The company, based in Berlin/Germany, is
active in 40 markets and has more than 6,000 employees.
Reserve Bank of India does not accept any responsibility or guarantee
about the present position as to the financial soundness of the company or
for the correctness of any of the statements or representations made or
opinions expressed by the company and for discharge of liability by the
company. Neither is there any provision in law to keep, nor does the company
keep any part of the deposits with the Reserve Bank and by issuing the
Certificate of Registration to the company, the Reserve Bank neither accepts
any responsibility nor guarantee for the payment of the deposit amount to any
Contact: Telephone: Manas Dewan +91-2135-673906 Christian Müller
Tags: April 25, Chennai, Daimler Financial Services AG, Germany, India, India And Berlin