Daimler to invest 400 mn Euro in India

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Pune , Sep 1 (UNI) Germany-based auto giant Daimler is planning to invest 400 million euro in the next five years for setting up engine and other auto parts' manufacturing facility in India.

Talking on the sidelines of the launch of much-awaited Mercedes-Benz buses in the country here today, Head of Dailmler buses Harald Landmann told newsmen that the company is at present looking for suppliers for some of the components, excluding the engine and gear box, being used in Mercedes buses.

''We want to industrialise here but will proceed step by step,'' Mr Landmann said, adding, ''we have just entered the market and we do believe that within two to three years, will be number one not only in this product but also in the low-cost buses.'' The company is in talks with some potential partners and will set up manufacturing facilities in the country in near future, as it would be economical for the company. In future, it could outsource the components to the other places where these buses are being manufactured, he said.

However, he declined to divulge other details like locations identified and the name of the companies with whom they are in talks.

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