German luxury car manufacturer BMW is investing Rs 130 crore in India to boost its operations. Till date, BMW has invested a total of Rs 1,250 crore in India.
BMW will launch the new iteration of locally produced 5 Series later this year and 6 Series Gran Turismo (GT) model in 2018. The two new launches will strengthen the firm’s product portfolio in India.
BMW India President, Vikram Pawah said, "Since 2007, we have been consistently investing in India. This year, we are going to increase our investment further to up to Rs 1,250 crore on a cumulative basis.”
Pawah also stated that the latest investment would benefit BMW Group operations including Motorrad and financial services arm. The company is also looking to expand its dealership network in the country.
Speaking about the competition in India, Pawah said that the company aims to remain as the fastest growing premium car brand in India. He said, "The idea is to grow the segment. Currently in India, premium car segment remains less than 2 per cent of the total passenger vehicle market (3 million last fiscal) as compared to 5-10 per cent in various countries.”
Speaking about the new products, Pawah said, "As part of our power to lead strategy, product offensive starts. In next two weeks, we will be launching the new 5 Series."
India is one of the fastest growing automobile markets in the world. And BMW is focusing on strengthening its operations in the country. And the latest investment is positive proof that global automakers are keen to cement their place in India.