Daimler signs trucks joint venture with Hero Group

Our Corporate Bureau
14 December 2007

Mumbai: Germany's Daimler AG, the world's largest truckmaker, has formed a joint venture with the Hero Group to make a range of commercial vehicles in India.

Stuttgart, Germany-based Daimler did not detail the investment amount or location plans as the proposal still needs government approval.

Dailmer said the two partners have already signed a shareholder agreement and are seeking regulatory approval. The transaction is expected to close at the end of the first quarter of 2008 when it plans to release details of the investment plans.

The joint venture would initially build trucks for the Indian market, with export production to follow later, Daimler said in a statement.

"The joint venture is first aimed at local production of light, medium, and heavy-duty commercial vehicles for the Indian volume market," the statement said.