Daimler AG's financial arm to serve Indian customers

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The Daimler Financial Services Group, headquartered in Berlin offers financial expertise and credit aid to its customers in over 40 countries, and is now looking at making its entry into India. The  captive finance unit for Mercedes-Benz, which is a well established luxury car maker here in India since 2009, the Daimler Financial Services Group also extends its financial services to all subsidiaries of the Daimler Group that include brands like SMART, Daimler Trucks and Western Star.

Daimler AG recently 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. 

Daimler Financial Services India will support the sales of Mercedes-Benz cars and Daimler trucks and will initially invest upwards of 50 million US dollars as part of its entry into the Indian market.

Commenting on Daimler Financial Services ambitious plans for India, Sidhartha Nair, Managing Director of Daimler Financial Services India Private Limited, said “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.”

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.

Further information from Daimler Financial Services is available on the internet at: www.media.daimler.com and www.daimler.com