Tata Motor Finance is nursing overseas ambition. The vehicle financier is planning  to set up operations in all key global markets, where Tata Motors has a presence. To start with, the company is exploring the possibility of setting up a subsidiary in South Korea.

Tatas have a presence in Korea following the acquisition of Daewoo's [Get Quote] heavy commercial vehicles business some years ago.

"The strategy is to support Tata Motors' [Get Quote] international business, wherever vehicle finance support is required by customers. As of now, we are looking at South Korea," said a Tata Motors' spokesperson.

In the last financial year, TMF's turnover grew by 71.8 per cent to Rs 9,415 crore compared with Rs 5,479 crore in the previous financial year. The company financed 165,376 new vehicles during the period.

TMF, which finances only Tata vehicles, will finance non-Tata vehicles overseas, as the international market for vehicle financing is huge.

The spokesperson said, "There is so much happening and more in the pipeline for the Tata brand alone, there is no need for anything else."

The market for the Tata brand will be growing exponentially once the '1-lakh car' is launched in 2008. Then there is also Tatas' future line-up of commercial and passenger vehicles.

Tata Motors is expecting combined sales (including exports) of more than 600,000 units a year of its commercial and passenger vehicles.

The company sold 526,066 commercial and passenger units, a growth of 30 per cent, last financial year, while exports accounted for 53,231 units.

The company also has the option of financing used Tata passenger and commercial vehicles.

In India, the used vehicle market is estimated to be as big as the new vehicle market, growing between 18 per cent and 25 per cent.