Hero, Daimler ink Rs 4,400 cr joint venture

New Delhi, Apr 21: Hero Group and Daimler AG today formally signed the joint venture to manufacture commercial vehicles at an total investment of about Rs 4400 crore over a period of five years. The joint venture will start production by 2010 and will be called as Daimler Hero Motor Corporation Ltd.

The new company is aiming to achieve localisation rate of upto 80 per cent and the production of commercial vehicles for export will be launched thereafter. Of the total investment, the Daimler will invest about Rs 1,386 crore in the form of Foreign Direct Investment.

UNI