The Indian government’s Foreign Investment
Promotion Board (FIPB) and the Cabinet Committee on Economic Affairs
(CCEA) have both approved the establishment of the Daimler Hero Motors
Corporation Ltd. joint venture by Daimler Trucks and the Indian company
Hero Group in the first quarter of 2008.
The closing for the foundation of the joint
venture will be completed by the end of April. Further details
concerning the new joint venture will be released at that time.
Andreas Renschler, member of the Daimler Board
of Management and Head of Daimler Trucks: „The approval process of the
Indian authorities has been exemplary. We are looking forward to the
implementation phase of our German-Indian joint venture, Daimler Hero
The joint venture will provide Daimler Trucks
with three benefits: essential market access, a base for penetrating
further growth markets in the region, as well as a cost level and
infrastructure that will enable competitive production. For Daimler
Trucks, India will therefore be sales market, production location and
export hub, all in one.
The projected joint venture is initially aimed
at the local production of light, medium, and heavy-duty commercial
vehicles for the Indian volume market. The vehicles produced will be
variants of Daimler Trucks’ existing product portfolio that are
tailored to the Indian market.