The Foreign Investment Promotion Board (FIPB) and the Cabinet Committee on Economic Affairs (CCEA) have both approved the formation of Daimler Hero Motors Corporation Ltd., a joint venture by Daimler Trucks and the Hero Group. Foundation for the joint venture will be completed by April end.
According to Andreas Renschler, member of the Daimler Board of Management and Head of Daimler Trucks, the joint venture will provide Daimler Trucks essential market access, a base for penetrating further growth markets in the region and a cost level and infrastructure that will facilitate competitive production. For Daimler Trucks, India will therefore be a promising market, production location and an export hub, all in one.
The joint venture will initially produce light, medium and heavy-duty commercial vehicles for the Indian market. The vehicles produced will be variants of Daimler Trucks’ existing product portfolio tailored to the specific market needs.
