Daimler in heavy vehicle venture with India's Hero Group

0 Comments | AFP, December, 2007

FRANKFURT (AFP) — German auto giant Daimler and India's Hero Group have agreed to form a joint venture to produce light, medium and heavy duty commercial vehicles for the Indian market, Daimler said Friday.

Production for export markets is expected to follow at a later stage, a statement said, without providing financial details.

Both companies signed a shareholders' agreement to be submitted to India's Foreign Investment Promotion Board for formal approval, with the deal expected to close in the first quarter of 2008.

The statement quoted Andreas Renschler, head of Daimler Trucks as saying: "In Hero we have found an excellent, experienced partner with a long tradition of manufacturing and know-how of the local industry.

"We believe this is a strong...