Daimler has announced that it will enter into a joint venture with India’s Hero Group to produce commercial vehicles in India. The deal — worth $420 million — will see Daimler taking a 60% share in the Indian company. The deal is expected to closed during the first quarter of 2008.
According to Automotive News, the joint venture will produce light, medium and heavy-duty commercial vehicles in India.
Daimler currently produces Mercedes-Benz vehicles in India and recently entered into a joint venture with Sutlej Motors to produce buses in India.
Several other automakers have similar deals in India, including Nissan , Volvo and Navistar — International’s parent company.
