German luxury car manufacturer is quite positive about India and said it is considering making big investments for introduction of new versions and entering the second-hand car segment, besides establishing a financial services arm. BMW India president Peter Kronschnabl said, “We will invest $50 million over the next 24 months for developing the financial services division.” He was talking at the national launch of BMW 330i (petrol) and 320d (diesel) Corporate Edition, models of BMW 3 series Sedan.
The cost of BMW 330i is Rs 33.40 lakh (Rs 3.34 million) and BMW 320d is Rs 23.95 lakh (Rs2.395 million), ex-showroom Chennai.
He said that BMW has spent a lot in training and development of its subsidiaries at all stages throughout BMW India, BMW factory in Chennai, BMW Financial Services and wants to carry on with it.
He said the BMW Financial Services would be introduced in Gurgaon as a 100% ancillary by mid-2010. he further added, “BMW Financial Services is presently seeking a license to operate as a Non-Banking Finance Company,”
The financial services division would provide solutions in retail financing for BMW clients and for multi-model clients, funding fleet owners and commercial funding for BMW dealerships and multi-model dealerships, he said. Moreover the company would also spend on upgrading its Chennai factory for manufacture of its sports utility vehicle BMW X1 this year.