Hyundai Motor India Ltd (HMIL) Thursday announced the launch of its vehicle leasing service in partnership with ALD Automotive India. Hyundai Leasing' will offer all of the company's entire model line-up for leasing with no upfront and maintenance costs, HMIL said in a statement. "The Indian automotive industry is at the cusp of transformation...The vehicle leasing business is rapidly picking pace in India and offers great prospects," HMIL Executive Director (Sales and Marketing) S J Ha said.

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As a smart mobility solutions provider, he said Hyundai understands the needs of evolving customers and are committed to making 'Shared Mobility' accessible. Through the collaboration with ALD Automotive, the company will leverage respective strengths to create unique ownership experience for customers, Ha added. HMIL is targeting salaried individuals, working professionals, small and medium enterprises, corporates and public sector companies.

Hyundai Leasing will be available across Delhi-NCR, Mumbai, Chennai, Hyderabad and Bengaluru in the first phase, the company said. It is offering benefits of leasing such as no upfront cost, no financial risk, efficient tax management, easy upgradation and no maintenance and insurance hassles. "The leased vehicle will be available for a minimum period of two years going up to five years depending on the city and model selected," the statement said.

ALD Automotive India Chief Executive Officer and Wholetime Director, Suvajit Karmakar said the partnership will take car leasing to the next level in the Indian car market.

"This will further reinforce our position as a leader and we look forward to a mutually beneficial relationship with Hyundai," he added.