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Toyota launches financial services
PTI
Last Updated IST

Japanese auto major Toyota has announced the launch of its financial services in the Indian market with plans to invest Rs 260 crore initially.

Toyota Financial Services India (TFSI), a wholly-owned subsidiary of Toyota Financial Services Corporation, will start operations in Delhi and NCR and will gradually expand to other metros within this fiscal.

“We will start the retail business from June 5 through dealerships in Delhi, NCR and Bangalore. The initial investments for starting the financial services in Rs 260 crore,” TFSI Managing Director & CEO Kazuki Ogura told reporters here.

“The aim is to reach to other metro cities within this fiscal,” Ogura said, adding if required the company could increase the investments here.

TFSI will focus only on Toyota customers in India and the company will provide interest rates on loans comparable to the market, which is around 12-12.5 per cent, he added.

Globally, TFS has around 17 million customers with assets in the excess of US$150 billion. It employs 8,400 people worldwide.

“India is a market full of opportunities...by 2015 it is estimated that the car market here will touch four million units (a year). It is the right time to enter India at this moment,” he added.

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(Published 31 May 2012, 00:08 IST)