Daimler Financial Services eyes $500 million in contract volume in 5 years

CHENNAI: The Indian operations of Daimler Financial Services, a 100% arm of Daimler AG, aims to reach a contract volume of $500 million in the next five years. The division made its India foray today.

Addressing a media conference in Chennai, the unit's headquarters, Daimler Financial Services AG Board of Management Chairman Klaus Entenmann said the initial investment would be $50 million.

The service would be extended to Bharat Benz, Daimler's commercial vehicles operation in India, when it becomes operational in 2012.

As of December 2010, the global financial services arm of Daimler had an EBIT of 831 million euros on revenues of 12.8 billion euros.

Two out of five Mercedes-Benz cars and every fourth commercial vehicle sold by the company is financed or leased by the financial services arm.