Formation of the Bureau of Hire Purchase & Credit (BHPC) for financing commercial vehicles by TML.
Formation of Tata Finance Limited (TFL) for vehicle financing.
Common marketing platform for BHPC and TFL for synergy.
TFL merger into Tata Motors Limited (TML).
1st June: TML Financial Services Ltd (TMLFSL) was set up as a 100% owned subsidiary of TML as an NBFC to support & enhance the vehicle financing services of TML.
Besides new business, TMLFSL was also managing the old books of TFL.
TMLFSL was renamed Tata Motors Finance Limited.
TMFL quickly became the largest company in India for financing products by TML.
Insurance cross-selling was introduced for diversification into a non-fund-based business.
Used commercial vehicle finance launched.
Acquisition of Rajasthan Leasing Private Limited which was later renamed Tata Motors Finance Solutions Limited (TMFSL), a 100% owned subsidiary of TMF Holdings Limited (TMFHL).
Establishment of the corporate lending department and used commercial vehicle finance business in TMFSL.
Acquired Sheba Properties Limited (SPL) as a subsidiary.
• SPL undertakes financing business for new vehicles.
• SPL was renamed TMFL.
• Erstwhile TMFL renamed as TMFHL.
• Erstwhile TMFL was converted into a Core Investment Company (CIC) and renamed TMFHL.