German luxury car manufacturer BMW has decided to bring its financial services business to India, at an investment of Rs 250 crore. The new venture will be called BMW Financial Services India, and will be set up in Gurgaon by May 2010. The company will provide financing to BMW customers, and will operate as a Non-Banking Financial Company (NBFC). BMW started its financial services business in 1993, and already has subsidiaries of the business in 31 countries.

The extension of the service to India is part of the company’s expansion plans for the country. Over the past year, BMW has seen a steady increase in its sales in India and has even managed to overtake Mercedes-Benz, which for a long time dominated the luxury car segment in the country.

The new venture will be financed by the BMW Group, based in Munich, Germany.

Courtesy: www.driveinside.com