The largest commercial vehicle manufacturer in the world Daimler AG has chosen Chennai in India as the venue where, in collaboration with Indian partner Hero, it will initially assemble around 70,000 trucks every year.
A statement issued by Daimler AG on Monday, July 7, said that the total investment for this joint venture (JV) over the coming five years will amount to over 700 million euros or $1.1 billion. The company said that there are a number of key factors that made it choose Chennai. Among these include proximity to significant suppliers, the city's infrastructure, transportation connections and the large number of well-qualified skilled workers in the region.
It will be under a new brand name that the Daimler Hero Commercial Vehicles will begin manufacturing trucks from 2010 onwards for Indian market and then go on to export it as well.
