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April 21, 2009

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Repositioning of the Daimler Hero Commercial Vehicles Ltd. joint venture in India

Stuttgart/Delhi - Daimler AG and Hero Group today together announced to dissolve the Daimler Hero Commercial Vehicles Ltd. joint venture in India. The completion of this transaction depends on the regular closing conditions.

Daimler Trucks to own 100% of commercial vehicles project in India

The economic situation and the continuing weakness in demand in India have necessitated a repositioning of Daimler Trucks' partnership with the Hero Group in India. In the future, the Hero Group will focus on its core business operations and return its 40 percent stake in the two partners' joint venture, Daimler Hero Commercial Vehicles Ltd., to Daimler Trucks.

Daimler Trucks' total investment in India will amount to more than €700 million over the next four years. The equity capital invested by Daimler so far, which amounts to €24 million, has already been injected as direct foreign investment.

Daimler to continue with its commercial vehicle engagement in India

The Indian market is clearly defined for Daimler Trucks as a promising market future.

Growth in the commercial vehicle segment will focus on the developing countries and emerging markets, especially the BRIC countries.

After the acquisition of the Hero shares the company will be renamed. The new company will initially produce light, medium, and heavy-duty commercial vehicles for the Indian volume market. Production of trucks for export to other emerging regions will be launched at a later date. A new production plant is already under construction in Chennai for this purpose. Marc Llistosella will be responsible for the new production plant in Chennai. Approximately 280 employees are already working there.

(Apr 15, 2009)

 


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