Daimler gets RBI nod to set up NBFC

German car giant Daimler AG has received approval from the RBI to set up a non-banking finance company for financial services business in India. The newly founded Indian company,Daimler Financial Services India Private Limited,will be a complete subsidiary of Daimler and is expected to be operational in Q3 with an initial investment plan of over $50 million.

“With businesses in over 40 countries,every second passenger car and every fourth commercial vehicle from Daimler is financed or leased by us. India is one of the fastest growing automotive markets and Daimler Group has high expectations from this market.” said Richard Howard,member of the board of management (Africa & Asia/Pacific) of Daimler Financial Services.