OFFICIAL PRESS RELEASE
Stuttgart – 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 Motors Corporation“.
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.
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