BMW financial services in India by 2010

by pawanyadav on September 2, 2009

BMW India, the wholly-owned subsidiary of the BMW Group.BMW India has its assembly plant in Chennai with a production capacity of 3,000 units per annum. It produces 3-Series and 5-Series cars from the plant and would also launch a new petrol variant of its 7-Series cars with a six cylinder engine in September, since BMW group desires a good hold in Indian market so they are not taking any chances at all.

Today on September 2, 2009 in Delhi German Luxury car maker BMW Group has revealed its plan to start its financial services business in India by June 2010 to offer financing for its cars and sport-utility vehicles. The group is planning to move to The Reserve bank of India for the license to operate as a non banking financial company in India.

Under the proposed plan, the group will introduce BMW Financial Services India as a new business entity. One more reason behind this was that the company is going to launch two new products in India this year as it is targeting to cross 3,000-units mark in sales for the first time in the country.

The new company is expected to be fully operational by the mid of 2010. The company will operate as a Non-Banking Finance Company(NBFC) in domestic market to offer solutions for Retail automobile financing for BMW customers.

BMW Financial Services was established in 1993 and presently has subsidiaries in 31 countries besides India. The company is active in more than 60 countries worldwide.

Last year company sold 2,908 units and expecting to cross 3,000 units this year. Certainly this financial service will boost up it’s selling.

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