Daimler and India's Hero Group announced on Dec. 14 that they agreed to form a joint venture to produce light, medium and heavy duty commercial vehicles. Production for export markets is expected to follow at a later stage, a statement said.
A company statement quoted Andreas Renschler, head of Daimler Trucks as saying: "In Hero we have found an excellent, experienced partner with a long tradition of manufacturing and know-how of the local industry. We believe this is a strong foundation for a long-term co-operation in one of the world's most dynamic markets."
Hero Group posted sales in 2006 of four billion dollars and is already involved in a joint-venture with the Japanese group Honda to produce motorcycles.
Copyright Agence France-Presse, 2007