DAIMLER AG – HERO IN $ 1BN JV

Daimler AG, the world’s largest truck maker and Hero Group of the esrtwhile Hero Honda, the largest 2 -Wheeler maker in India have entered into a 4400 Crore Rupees JV (Joint Venture) to build commercial vehicles in India. The JV as of now is for a duration of 5 years, starting 2010.

The company plans to enter the market by 2010. The collaboration comes at a time when the booming economy is driving commerical vehicle sales. The joint venture was originally announced in December last year, modalities of which have been worked out now and were unveiled on Monday.