The Hero Honda Company of India and Daimler of Germany on Monday 21 April declared that both will jointly invest Rs 4,400 Crore to manufacture light medium as well as heavy duty commercial vehicles in India. This investment will take place over a course of ensuing five years. The two companies have inked a joint venture to create a company, Daimler Hero Motor Corporation, in which the German firm will hold 60 per cent stake.  

 

The new company, it was announced, will begin manufacturing commercial vehicles by 2010. It will also target achieving a localization rate of up to 80 per cent. The production of commercial vehicle for export to other emerging markets will also be introduced after this. Marc Listosella would be the CEO of Daimler-Hero Motor Corporation, while Amit Chaturvedi will act as the co-CEO.