India okays Daimler JV with Hero Group

Newswire

NEW DELHI, March 27 (Reuters) - India on Thursday approved Daimler AG's joint venture with local firm Hero Group, to make a range of commercial vehicles for the fast-growing market, a government spokeswoman said. Daimler would initially invest 16.50 billion rupees ($411 million) for a 60 percent stake in the joint venture. ($1=40.1 rupees) (Reporting by Rajkumar Ray, Editing by Mark Williams)

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