Daimler India Commercial Vehicles signs MoU with Karnataka Bank for retail vehicle financing solutions

Chennai/Mangaluru, February 24, 2017

  • Both partners’ customers to benefit from attractive financing schemes
  • Tailor-made financing packages for modern BharatBenz trucks and buses
  • Mr. Erich Nesselhauf, Managing Director and CEO, Daimler India Commercial Vehicles: "This new partnership with Karnataka Bank supports our BharatBenz brand’s growing presence in urban and rural India and will help us to address the promising segment of small and medium-sized enterprises.”

Chennai – Daimler India Commercial Vehicles (DICV) - the wholly-owned Indian subsidiary of Daimler AG, the world’s leading CV manufacturer with a global reach - is looking back at a successful year 2016. Despite a mixed year in its domestic business, DICV was able to hold to its own especially thanks to its export business which more than doubled compared to 2015. For the current year, the company expects important growth momentum from a new sub-9tonne truck for export and the new-generation of BharatBenz heavy-duty trucks for India.

Chennai/Mangaluru – Daimler India Commercial Vehicles (DICV) - the wholly-owned Indian subsidiary of Daimler AG - signed a Memorandum of Understanding with Karnataka Bank to provide tailormade financing packages to customers across the nation for modern BharatBenz trucks and buses. With this new partnership, BharatBenz customers can access Karnataka Bank’s national footprint of more than 740 branches.

Mr. Erich Nesselhauf, Managing Director and CEO, Daimler India Commercial Vehicles said: "This new partnership with Karnataka Bank supports our BharatBenz brand’s growing presence in urban and rural India and will help us to address the promising segment of small and medium-sized enterprises.”

Added P Jayarama Bhat, Managing Director & CEO of Karnataka Bank: “This collaboration with DICV is another proactive step initiated by the bank to extend finance to clients in segments such as MSME February 24, 2017 (micro, small and medium enterprises) to purchase commercial vehicles.Our wide distribution network will help in reaching out to the urban and rural areas of the state."

The Karnataka Bank Limited is a major scheduled bank based in the coastal city of Mangaluru in Karnataka, India, with pan India presence, with more than 740 branches and over 7600 employees.

Apart from Daimler’s own captive financing brand, BharatBenz Financial, Karnataka Bank becomes a key financing partner for BharatBenz products along with others adding substantial choice and value for customers.

Contact:

Sebastian Wahle, +91 73 5879 2916,
Shina Satyapal, +91 44 45996039,
Ritu Bagri, MSL Group, +91 98 84173290,

Daimler at a Glance

Daimler India Commercial Vehicles (DICV) is a 100% subsidiary of Daimler AG, Stuttgart, Germany. DICV is a full-fledged commercial vehicle player in the Indian market. It currently produces and sells above 9 to 49 tons trucks for the Indian volume market, under the brand BharatBenz. BharatBenz stands for Indian engineering with German DNA. Under its bus division, the company produces and sells BharatBenz buses and Mercedes-Benz buses from its manufacturing plant at Oragadam. BharatBenz products have been engineered to serve all major customer segments with a focus on totalcost-of ownership, safety, reliability and comfort. Trucks including knocked-down vehicle kits as well as buses and bus chassis produced for the FUSO brand and the Mercedes-Benz brand are exported to more than 30 markets in the Middle East, Africa, Asia, and Latin America.

The state-of-the-art production plant at Oragadam near Chennai spreads over 400 acres (160 hectares) and was opened in 2012. The site is also home to DICV’s headquarters and R&D operations, and features a highly modern test track. DICV has made an overall investment of more than INR 5,000 crores. In August 2016, less than four years after the start of production, the milestone of 50,000 produced vehicles was crossed – an unprecedented ramp-up in the Indian commercial vehicle industry.

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