BMW raises investment in Indian financing arm

German luxury car maker BMW AG today announced that it has more than doubled its investment in BMW Financial Services India from Rs230 crore in 2010 to Rs530 crore ($106 million) in 2012, as it seeks to expand its share of one of the world's most lucrative automobile markets.

"This investment will help us enhance our product and service offering in India to further augment BMW India's market leadership," BMW Financial Services India managing director and chief executive Dan DeChristopher told newspersons in Mumbai.

The carmaker's Indian finance arm will recruit more than 80 people in the current year at its Gurgaon plant near Delhi, the company said.

A new customer interaction centre has also been launched to assist BMW's existing as well as prospective buyers, DeChristopher said.

"In less than two years, BMW Financial Services India has established itself as the leading provider of customised financing solutions, individually tailored leasing plans and unrivalled services," he said.

BMW overtook Mercedes Benz, earlier India's lead seller of top-end cars, early last year, and hasn't looked back since then. DeChristopher said the company's finance arm has made a significant contribution to the group's success in India. ''This investment will help us enhance our product and service offering in India to further augment BMW India's market leadership,'' he said.