Daimler begins its financial services in India

Wednesday 20 July 2011, 10:19 AM by Vikas Yogi

Daimler Financial Services AG has begun its operation at its wholly owned unit in India from Tuesday onwards and is ready to roll over USD 500 million in next five years.
The top priority of the company will be to deal with Mercedes Benz luxury passenger vehicle buyers and will extend the services to Daimler Trucks by 2012.

Chairman of the board of management at Daimler Financial Services, Klaus Entenmann justified their Indian presence, "We always look at the size of the market. Looking at Mercedes-Benz, with more than 5,000 units sold [a year in India] gives us the base where it makes sense to be in the market." He added, "Now is the time to get into the Indian market."

Meanwhile the company has collaborated with Bajaj Allianz General Insurance Co. to cover its Mercedes-Benz cars.

While commenting on the prospects of the company in the world’s second largest auto market after China Sidhartha Nair, managing director of Daimler Financial Services India, said, Daimler aims to start earning profit in the third year of its operations. “The growth rate in the Indian market is huge and we will offer some special finance products from the fourth quarter onward," he added.