New Delhi: German vehicle maker Daimler AG and India’s Hero Group will invest about Rs4,400 crore ($1.1 billion) over five years in their joint venture to make commercial vehicles, the companies said on Monday, 21 April.
Daimler Hero Motor Corp Ltd will begin making light, medium and heavy commercial vehicles from 2010 for the local market initially, they said in a statement.
The Indian government last month approved the joint venture, which will compete mainly with leader Tata Motors and a venture of Nissan Motor and Ashok Leyland .