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Daimler-Hero JV to see minor ‘tweaking’ amid slowdown

Daimler-Hero JV to see minor ‘tweaking’ amid slowdown
PTI
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First Published: Thu, Mar 26 2009. 01 15 PM IST
Updated: Thu, Mar 26 2009. 01 15 PM IST
New Delhi: Munjals-promoted Hero Group today said there could be some ‘tweaking´ in its joint venture with Germany’s Daimler AG to produce commercial vehicles in India due to the economic downturn.
“There can be some minor tweaking,” Hero Corporate Services Chairman Sunil Kant Munjal told reporters here on the sidelines of the CII Annual Session.
He was responding to a query whether there has been an impact of the global economic slowdown and a resultant revision of plans due to that.
Daimler owns a 60% stake in the JV, Daimler Hero Commercial Vehicles, while the Hero Group owns the rest.
He, however, declined to elaborate on the details of the ‘tweaking´ but said, “The product is on schedule and production will begin in 2010-11.”
Last year, the JV partners had announced that they would start producing trucks by 2010 at their Chennai facility, which will have an initial annual capacity of 70,000 units.
The JV would invest €700 million (about Rs4,500 crore) in five years, it said.
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First Published: Thu, Mar 26 2009. 01 15 PM IST