Indian Authorities Approve Joint
Venture between Daimler Trucks and the Hero Group
Stuttgart – The Indian
government’s Foreign Investment Promotion Board (FIPB) and the
Cabinet Committee on Economic Affairs (CCEA) have both approved
the establishment of the Daimler Hero Motors Corporation Ltd.
joint venture by Daimler Trucks and the Indian company Hero
Group in the first quarter of 2008.
The closing for the foundation of
the joint venture will be completed by the end of April. Further
details concerning the new joint venture will be released at
that time. Andreas Renschler, member of the Daimler Board of
Management and Head of Daimler Trucks: „The approval process of
the Indian authorities has been exemplary. We are looking
forward to the implementation phase of our German-Indian joint
venture, Daimler Hero Motors Corporation“.
The joint venture will provide
Daimler Trucks with three benefits: essential market access, a
base for penetrating further growth markets in the region, as
well as a cost level and infrastructure that will enable
competitive production. For Daimler Trucks, India will therefore
be sales market, production location and export hub, all in one.
The projected joint venture is initially aimed at the local
production of light, medium, and heavy-duty commercial vehicles
for the Indian volume market. The vehicles produced will be
variants of Daimler Trucks’ existing product portfolio that are
tailored to the Indian market.
(March 27, 2008)