Daimler has officially launched its financial services unit in India, based in Chennai.

Headquartered in Chennai, Daimler Financial Services India is a 100% subsidiary of Daimler AG.

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“Two out of five Mercedes-Benz cars and every fourth commercial vehicle of the Daimler group worldwide is financed or leased by Daimler Financial Services [DFS]. We intend to replicate this success story in India as soon as possible”, chairman Klaus Entenmann said. “[It] aims to reach a contract volume of US$500m in India in five years,” he added.

DFS operates in 40 countries and a contract volume of EUR63.7bn at the end of 2010, it is one of the world’s largest automotive financial services providers for passenger cars and the world’s largest provider of financing for trucks, buses and vans. It also holds over 1.8m insurance contracts.

The new subsidiary in India will offer finance, leasing and, with partner Bajaj Allianz, insurance products to Mercedes-Benz car customers and dealers under the brand Mercedes-Benz Financial.

“In 2010, we sold over 5,800 units in India, nearly double of our previous year’s sales figure. The luxury car market in India and Mercedes-Benz India in particular is on a dynamic growth path. With 75% of Indian car customers opting for vehicle finance, our financial services solutions and innovative products will be a catalyst in the purchase process,” said Peter Honegg, Managing Director & CEO of Mercedes-Benz India.

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By 2012, Daimler’s truck brand BharatBenz is expected to be operational. DFS will then also extend financial services to that brand.

Initial Indian investment is $50m and an electronic point of sales system will deliver speedy loan approval decisions and contract processing at dealerships. The company has 50 staff to start.