BMW Group has revealed its plan to start its financial services business in India by June 2010 to offer financing for its cars and sport-utility vehicles.

Under the proposed plan, the group will introduce BMW Financial Services India as a new business entity.

The new company is expected to be fully operational by the mid of 2010. Presently, BMW Financial Services India is seeking a license to operate as a Non-Banking Finance Company (NBFC) in domestic market to offer solutions for Retail automobile financing for BMW customers.

BMW Financial Services was established in 1993 and presently has subsidiaries in 31 countries besides India. The company is active in more than 60 countries worldwide.