After entering India in 2006, the German luxury carmaker BMW has taken the Indian luxury car market by storm. Its claim to fame has been its journey to the top spot within a span of three years by zooming past ahead its German companion, Mercedes-Benz.
In fact, the company has recently announced that it plans to make its NBFC arm operational by June this year. It may be noted here that the company announced the launch of its NBFC arm last year.
Moreover, the company has also initiated its used car business and car leasing business to individuals in the last year to strengthen its presence in the Indian market. Clearly, the company has bullish plans for the country and is considering India as one of the topmost economies on the priority list.
With regards to plans for the NBFC, the automaker plans to invest around USD 50 million (Rs 220 crore) over the next 24-months for expansion of BMW-NBFC. The company has recently launched the new 5 series in the Indian market.
The global bestseller has sold over 3,600 units of the 5 series in India since 2007.