Mercedes Benz starts car leasing business in India

Mercedes launches Star Lease that will make available its complete range of cars for hire. Customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months

Mercedes launches Star Lease that will make available its complete range of cars for hire. Customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months

German Luxury car maker Mercedes Benz on Tuesday started car renting business in India with the launch of Star Lease that will make available its complete range of cars for hire.

According to the new scheme, customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months. Mercedes Benz India director sales and marketing, Debashis Mitra said, "Consumers shall now have an option to drive away a Mercedes without any initial investment and just pay affordable rentals which shall cover all insurance and maintenance costs for three years."

The customers who lease a car would also have an option to buy the car after three years, he added. The lease would be provided through Daimler Financial Services India, a subsidiary of Daimler Financial Services AG that was launched in July 2011, under the Mercedes Benz Financial branding. The company would offer the Star Lease from its dealerships in Delhi, Mumbai, Pune, Bangalore and Chennai.

Leasing is the grant of use of a vehicle where the customer pays for only what he uses. Under a leasing contract the customer can use a vehicle over a period of time for a fixed monthly lease rate.

"The Indian consumer's appetite for luxury vehicles has been voracious and we foresee this growing in the future," Daimler Financial Services India managing director Sidhartha Nair said.

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3 years ago

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Jindal Aluminium to set up Rs500cr foil plant

Jindal Aluminium hopes to clock total sales of Rs900 crore in this fiscal from Rs800 crore in the previous one

Jindal Aluminium will invest Rs500 crore to set up a factory for making foils and sheets near its existing extrusion facility in Bangalore. "The plant will come up near our plant in Bangalore. It will go on stream by March next year. We are investing Rs500 crore on the plant. This will make foils and sheets," Jindal Aluminium's executive director BD Garg said.

The company, promoted by SR Jindal, younger brother of OP Jindal, has already acquired 50 acres of land and has placed orders for plant and machinery. "In the very first year of operation, production will be around 12,000 tonnes per annum, which would be ramped up to 35,000 tonnes a year in three years," Garg said.

Buoyed by the growing demand from the packaging industry, India had to import around 65,000 tonnes aluminium foils last year, mostly from China, to cater to the domestic need. Garg said the company would stand to have a great chance to cash in on the burgeoning demand for aluminium foils in the country.

Jindal Aluminium, a leading player in the country's Rs3,500 crore aluminium extrusion space with over 20% market share hopes to clock total sales of Rs900 crore in this fiscal from Rs800 crore in the previous one. "In the next fiscal, this should go up to Rs1,300 crore with contribution of Rs1,000 crore from the existing aluminium extrusion business and the remaining from aluminium foils and sheets," Garg said.

The company hopes to sell more than 50,000 tonnes extrusion from 45,000 tonnes sold last year. The industry size is two lakh tonnes and has been growing at 8%-10% per annum.

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International Energy Agency slashes oil demand forecast

IEA has revised its global estimates drastically—50,000 barrels/day this year and 210,000 barrels/day for the next, expecting lower-than-estimated GDP growth.

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