German premium carmaker BMW Ag on Monday said it has increased its investment in BMW Financial Services India by over 45 percent, from INR 2.3 billion to INR 5.3 billion (US $ 106 million).
The Indian arm of BMW Financial Services was introduced less than two years ago and has been since providing customized financial support to their customers. In 2012, BMW Financial Services India will employ more than 80 people at its headquarters in Gurgaon.
“BMW India continues to be the leader in the Indian luxury car segment. An integral part of our winning story in India is BMW Financial Services, which provides complete peace of mind to BMW customers with financially attractive offers and professional services to make the transition from showroom to the highway, pleasurable and memorable. The investment clearly reinforces BMW Group’s commitment to India.” Dr. Andreas Schaaf, President, BMW India said.
The announcement comes shortly after BMW this month unveiled its premium small car Mini.
Luxury carmakers including Aston Martin, Lamborghini, Bentley, Jaguar-Land Rover and Porsche have all set up dealerships in India and report sales are doing well despite massive import duties.
BMW established a presence in the country in 2006 and has since seen steady growth in sales in India where growing affluence is producing a new upper class with expensive tastes.