Volkswagen on Monday said it plans to make an initial investment of Rs 120 crore to launch its non-banking financial arm in India. The auto major,present in the country through group brands Volkswagen,Audi and Skoda,said it has received licence from the Reserve Bank of India to start its Non-Banking Finance Company (NBFC). VWFPL has been granted an NBFC licence by the RBI,enabling it to make its first offering to the Indian market with three product lines VW Finance,Skoda Finance,Audi Finance, the company said. Customers can avail of financing options at any of the companys 164 dealer outlets,it added. Headquartered in Mumbai,Volkswagen Financial Services (VWF) is making an initial investment of over $24 million (around Rs 120 crore) in India. The new financial services will include 3-in-1 package consisting of financing,insurance and maintenance,it said. 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.. Besides financing,the company would also introduce a bundled loan with insurance and maintenance packages,he said.
