Toyota Fin to expand operations in major metros in FY13
Mumbai: Toyota Financial Services Corp, the vehicle financing arm of Toyota, is planning to expand its presence in major metro centres of the country by the end of this fiscal after launching its operations in Bangalore and NCR region, a top company official said.
The captive vehicle financing arm of the Japanese motors, which is registered as an NBFC with RBI, also said that it would open its operation in Mumbai and Pune shortly.
"We are planning to increase our presence in major metro cities by the end of this fiscal and will begin our operation in Mumbai and Pune shortly," Managing Director and Chief Executive Officer of Toyota Financial Services, Kazuki Ogura told PTI here.
He also said the initial investment of Rs 260 crore is enough for the company's lending operation as of now and will require capital as it grows.
"Presently, we have enough capital. As we grow, we will require capital, which will be arranged from bank credit and capital market," Ogura said.
He also added that the company would attain breakeven in next few years without giving a timeline.
Toyota Financial Services, which does retail financing in the initial phase, will also enter into inventory finance for dealers and pre-owned car segment in the near future.
"We see opportunity in inventory finance for dealers and pre-owned car segment, which we will enter in the future," Ogura said.