The Europe based largest car maker Volkswagen said on Monday that it is planning to invest a sum of over Rs 120 crore to launch its non-banking financial arm - Volkswagen Finance Private Ltd (VWFPL) – in the Indian market. VWFPL has received license to start its Non-Banking Finance Company (NBFC) from the Reserve Bank of India.
The company said in a statement on Monday, "VWFPL has been granted an NBFC license by the Reserve Bank of India, enabling it to make its first offering to the Indian market with three product lines -- VW Finance, Skoda Finance, Audi Finance." The statement added that all 164 dealerships of the Volkswagen group (including Skoda and Audi) will be providing the customers with financing options.
VWFPL that has been headquartered in Mumbai will now be investing over USD 24 million (around Rs 120 crore) in India. The financial services which the company will be offering include financing, insurance and maintenance in a single package.
Speaking on the matter, Volkswagen Financial Services (VWF) India Chairman Joern Achim Kurzrock said, "India being one of the fastest growing economies, VWF India wants to present itself in the Indian market as a mobility provider with products which fully respect the needs of VW, Skoda and Audi customers."
