Negotiations are under way with three Indian states to secure agreement on a production site. Total investment is pegged at €700 million over five years.
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Daimler AG and India’s Hero Group close a deal to establish Daimler Hero Motor Corp., a joint venture that will build commercial vehicles beginning in 2010.
The new company will build light-, medium- and heavy-duty vehicles for the Indian market under a new brand name, according to a Daimler statement.
Negotiations are under way with three Indian states to secure agreement on a production site.
Total investment is pegged at €700 million ($1.1 billion) over five years. Marc Llistosella and Amit Chaturvedi are named co-CEOs.
