Hero, Daimler to invest $1.1 Bn in commercial vehicle JV
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New Delhi: Hero group and Daimler of Germany will invest Rs 4,400 crore over the next five years to manufacture light medium and heavy duty commercial vehicles in India, both the companies said jointly. The two companies have signed a joint venture agreement to float a company Daimler Hero Motor Corporation, in which the German company will have 60 percent stake and the rest will go to Hero. The company will start manufacturing commercial vehicles by 2010. The new company is aiming to achieve a localization rate of up to 80 percent. The production of commercial vehicle for export to other emerging markets will also be launched thereafter.
Source: IANS
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