Daimler Financial Services bullish on Indian market: MD

Daimler Financial Services India, a fully owned subsidiary of Stuttgart-based Daimler AG, after witnessing robust growth in business, it is "bullish on Indian market", a senior company official said today.
"The company, which began operations with initial investments of USD 50 million in 2011, has completed five years in India. We have now completed businesses of over Euro one billion. We are bullish in the opportunity available here in India..," Daimler Financial Services India MD Fred Weick told reporters here.
The company, which predominantly lends to Daimler trucks and Mercedes Benz passenger vehicles, has financed 28,000 auto loans during the five year period, he said.

When asked on the target for current financial year, he said, "We are looking at a portfolio growth of another 200 million this year."
"For this year, we expect about Euro 1.2 billion, which means addition of another Euros 200 million," he said.
To a question on fund raising, he said the company was in the process of raising funds but declined to reveal the figures. "We are just in the process of raising now. We have also stepped into the bond market now," he said.

Responding to a question on financial targets by 2020, he said, "I assume, we should be able to double or triple our current business."

According to him, 50 per cent of loans were contributed from financing cars while remaining were from trucks. "Out of every two cars, one is financed by us," he said.
While 70 per cent of the company's businesses coming from tier I and II cities, he said the company was seeing good business growth from these towns.