Volvo Financial Services has set aside $50 million to launch its operations in the country.

Scott Rafkin, EVP and Global President, Volvo Financial Services, said that the time was ripe to launch its services in India because of the kind of growth commercial vehicles have been witnessed during the last one year.

“Volvo Group sold about 36,000 units in 2014 and the outlook for the future looks very promising,” he told BusinessLine . Rafkin said the decision to launch financial services in the country was made after a rigorous process of evaluation of the current market.

Volvo Group in India had earlier tied up with BNP Paribas for providing loans and lease for its products and the venture was wound up last year.

Santosh Aiyer, Managing Director, Volvo Financial Services India, said the entire range of services will be offered to all the owners of Volvo products. These include, loans, leases, insurance, maintenance, and other aftermarket services, to customers and dealers of the Volvo Group and VE Commercial Vehicles Ltd.