December 17, 2007
Daimler Trucks forms joint venture with Indian company Hero Group
Stuttgart, Germany – Daimler Trucks has signed a shareholder agreement to form a joint venture with Hero Group of India. The projected venture is aimed at local production of light-, medium- and heavy-duty commercial vehicles for the Indian volume market, with production for export markets to follow at a later stage.
The vehicles produced will be variants of Daimler Trucks’ current product portfolio, but tailored to the Indian market. Daimler currently produces the Mercedes-Benz Actros in Pune.
Local manufacturing operations for special applications of Mercedes-Benz trucks and buses will continue at DaimlerChrysler India Pvt. Ltd. Daimler Buses recently announced plans to enter a co-operation with Sutlej Motors Ltd. of India and will begin producing Mercedes-Benz luxury coaches in Pune in the first quarter of 2008.
“The decision to form this joint venture in India marks a milestone in Daimler Trucks’ overall strategy to participate in the fast-growing emerging markets,” said Andreas Renschler, Head of Daimler Trucks. “In Hero we have found an excellent, experienced partner with a long tradition of manufacturing and know-how of the local industry. Hero has a proven track record of managing long-term relationships with global and domestic partners. We believe this is a strong foundation for a long-term co-operation with one of the world’s most dynamic markets.”
The Hero Group is a multi-unit, multi-product conglomerate; its joint venture with Honda is the world’s largest motorcycle producer, and has put over 20 million motorcycles on Indian roads to date.