Mercedes-Benz India, the Germany-headquartered automobile maker, is looking to set up a finance arm in India to promote vehicle sales in the country. The initiative is in its early stages of discussion, with the company undertaking a basic assessment of the domestic automobile finance market.
While details are yet to be worked out, the financing arm could be on the lines of services offered by the Daimler group for its clients in Europe and West Asia among others. The Daimler group provides financing, leasing, insurance and fleet-management as part of its financial offerings. The Indian subsidiary currently has a tie-up with ICICI Bank for financing its vehicles.
“We are looking at opportunities in setting up a finance arm of Mercedes-Benz in India,” said Wilfried Aulbur, MD and CEO of Mercedes-Benz India. The company is present in the commercial vehicles and the passenger car segment and recently launched its luxury buses.