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.
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