Daimler Hero signs MoU with TN Government for setup of manufacturing plant

Daimler Hero Commercial Vehicles, the joint venture between Germany’s Daimler and the Munjals-promoted Hero Group has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, for the setup of its manufacturing plant in Chennai.

The plant will initially make trucks under a new brand name for the Indian market and later for export as well. The company expects that the plant will start producing as many as 70,000 trucks by 2010. The plant would provide direct employment to about 3,000 people.

In April this year Daimler and Hero Group had agreed to invest €700 million in the joint venture over the next five years.

The company plans to export from the plant to markets whose product requirements are similar to those of the Indian market.

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