Mercedes and India’s Hero Group sign joint agreement.
Stuttgart, Germany – Daimler Trucks has signed an agreement with India’s Hero Group, following government approval, for the establishment of the joint venture Daimler Hero Motors Corporation Ltd. The new company will be established by the end of April.
The joint venture will provide Daimler Trucks with essential market access, a base for penetrating further growth markets in the region, and a cost level and infrastructure that will enable competitive production. India will become a sales market, production location and export hub for the company.
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.