Daimler AG forays into financial services space

As part of its foray into the Indian market, Daimler Financial Services announced an initial investment of $50 million

Germany-headquartered Daimler AG has forayed into the financial services space in India with the establishment of a new Daimler Financial Services subsidiary in the country.

"Two out of five Mercedes Benz cars and every fourth commercial vehicle of Daimler group worldwide is financed by Daimler Financial Services. We intend to replicate this success story in India," Daimler Financial Services AG Board of Management Chairman Klaus Entenmann said.

Currently, Daimler Financial Services operates in 40 countries, achieving a contract volume of 63.7 billion euros in 2010. As part of its foray into the Indian market, Daimler Financial Services announced an initial investment of $50 million.

He said Daimler Financial Services aims to reach a contract volume of $500 million in India in five years.

Daimler Financial Services India would initially offer finance, leasing and insurance products to customers and dealers of Mercedes Benz cars in India under the Mercedes Benz Financial programme with immediate effect.

Commercial vehicles from Daimler India would also be covered under this initiative.

By 2012, Daimler's truck, 'BharatBenz', is expected to be operational. Daimler Financial Services India would also support sales of financial services for BharatBenz.

Daimler Financial Services provides customers with a full range of automotive financial services, including financing, leasing, insurance and fleet management worldwide.

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Reliance Mutual Fund unveils Fixed Horizon Fund-XX-Series 3

Reliance Mutual Fund new issue closes on 20th July

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 3, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 90 days.

The new issue closes on 20th July. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund    Index is the benchmark index. Amit Tripathi is the fund manager

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Reliance Mutual Fund floats Fixed Horizon Fund-XIX-Series 22

Reliance Mutual Fund new issue closes on 19th July

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XIX-Series 22, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 727 days.

The new issue closes on 19th July. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund    Index is the benchmark index. Amit Tripathi is the fund manager.

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