Govt approves Daimler and hero group JV

New Delhi, Mar 27: The Cabinet Committee on Economic Affairs (CCEA) today gave its approval for setting up a joint venture between Dailmer AG, Germany (DAG) to jointly incorporate a company and a technology license agreement with Hero Group India entailing an FDI of Rs 1650 crores.

The amount will constitute 60 per cent of the equity capital for the purpose of designing, manufacturing and selling of commercial vehicles above two tonnes for domestic and overseas markets. The JV will also be sourcing components from India for Daimler's global requirements, a Cabinet Spokesperson told reporters. The JV would also undertake research and development activity for new products and variants.

UNI