March 28, 2008 -- The Indian government gave approval to an Rs 16.5 billion investment by Germany’s Daimler AG on its proposed joint venture with India’s Hero Group for manufacturing commercial vehicles on Thursday. Daimler will control 60 per cent of the equity capital of the joint venture with an investment of Rs 16.50 billion.
The JV will design, manufacture and sell commercial vehicles of above 2 tonnes for Indian as well as overseas markets and would also source components from India for Daimler's global requirements, besides undertaking research and development activity for new products and variants. The joint venture would initially manufacture LCVs and M&HCV's for the domestic market followed by exports at a later stage.
Abstracted from Asia Pulse
