BMW To Offer Financial Services In India

BMW India has announced an investment of Rs. 250 crore to set up a financing subsidiary in the country to serve the credit needs of retail customers, fleet owners and dealers, for which it has sought regulatory approval. BMW sought the Non Banking Financial Company (NBFC) status for its proposed retail financing arm – BMW Financial Services India, which would be a wholly-owned subsidiary of the BMW Group and would be run by a new head. It would be headquartered at Gurgaon. BMW Financial Services was established in 1993 and it has subsidiaries in 31 countries, besides presence in more than 60 nations across the globe.