Daimler, the world's largest truck-maker, signed a joint venture (JV) agreement with the Hero Group on Monday to manufacture a full range of commercial vehicles for the Indian market.
The JV, Daimler Hero Motor Corp, will see investment of Rs 4,400 crore over five years and Daimler will hold 60% stake, while Hero the rest. The companies would shortlist a location for a greenfield plant from among Tamil Nadu, Maharashtra and Haryana and plan to produce light, medium and heavy-duty vehicles with an initial capacity of 70,000 units. Daimler will contribute Rs 1,386 crore to the JV and Hero Rs 900 crore, while the rest would be raised via debt.
Read more in The Times of India article.
Showing posts with label Daimler AG. Show all posts
Showing posts with label Daimler AG. Show all posts
Tuesday, April 22, 2008
Monday, January 7, 2008
Daimler to buy 26% in Sutlej Motors
Daimler AG of Germany has taken a call option to buy 26 per cent in Jalandhar-based bus body builder Sutlej Motors.The proposal was recently cleared by the Foreign Investment Promotion Board (FIPB).
The Indian company had signed an agreement with Daimler last year to jointly make fully-built buses from Daimler’s Chakan facility based in Pune.Under the agreement, Daimler will produce and supply bus chassis and Sutlej Motors will attach the body.
Daimler India, which is a 100 per cent subsidiary of Daimler AG, will also handle sales and after-sales services of the coaches, which are expected to be launched in India in the first quarter of 2008.
The Indian company had signed an agreement with Daimler last year to jointly make fully-built buses from Daimler’s Chakan facility based in Pune.Under the agreement, Daimler will produce and supply bus chassis and Sutlej Motors will attach the body.
Daimler India, which is a 100 per cent subsidiary of Daimler AG, will also handle sales and after-sales services of the coaches, which are expected to be launched in India in the first quarter of 2008.
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