Daimler Financial Services to grow book value by euros 200mn

Automobile finance company Daimler Financial Services India Pvt Ltd is planning to increase its loan book value by 200 million euros this year, said a top company official.

The company is a captive finance arm of automobile major Daimler Group in India financing purchase of Mercedes cars, buses and Bharat Benz trucks.

"Our target for this year is to have a book value of euros 1.2 billion. We plan to add another euros 200 million of business," Fred Weick, Managing Director & CEO, told reporters here on Monday.

According to him, the increase will be contributed equally by cars and commercial vehicles.

He said the company sources its funds for business from Indian and foreign banks in the country and is also planning to raise funds through a bond issue.

Weick said the company has not securatised its loan accounts to date since it started operations in 2011.

He said the leasing of vehicles has not taken off in a big way in India and bulk of the business generated by the company is from standared vehicle financing products.

--IANS

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