Daimler Trucks has announced a joint venture with the Hero Group. Both Companies have signed a shareholder agreement and are in the process of submitting the formally required application to the FIPB (Foreign Investment Promotion Board) White the Daimler Supervisory Board had approved the transaction, the projected joint venture is first aimed at local production of light, medium and heavy duty commercial vehicles for the Indian volume market. Production for export markets is expected to follow at a later stage. The vehicles produced will be variants of Diamler Trucks current product portfolio tailored to the Indian market. Local manufacturing operations for special applications of Mercedes-Benz trucks and buses will continue at DaimlerChrysler India Pvt Ltd.
Andreas Renschler, Member of the Daimler Board of Management and Head of Daimler Trucks overall strategy to participate in the fast-growing emerging markets.
In Hero we have found an excellent. Experienced partner with a long tradition of manufacturing and know-how of the locak industry."
Sunil Kant Munjal, Chairman of Hero Corporate Service Ltd. Added, "The partnership with Diamler Trucks is in pursuance of the Hero Groups long-term vision and strategy to have a diversified portfolio of high-growth business. We can benefit from Daimler Trucks world class products and technology, and combine those with our own technology, and combine those with our own strength to create winning products for Indian and other global customers. "The joint venture transaction is expected to close at the end of the first quarter of 2008.
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| Posted : 2/27/2008 |
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