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TRUCKMAKERS' NEWS * WORLDWIDE
* Germany - Daimler Trucks buys out Indian JV partner Hero
Frankfurt,Germany -Reuters -April 15, 2009: -- Daimler will pay 16 million euros ($21.2 million) for the remaining 40 percent in its Indian heavy truck joint venture after dwindling finances forced local partner Hero Group to focus on its core business of motorcycles... Referring to the significance of India as "a key to a completely new generation of products", Daimler Trucks said on Wednesday it would invest more than 700 million euros over four years to enter and eventually use the subcontinent as a bridgehead to other emerging markets... The two partners had originally planned to divide the investment in proportion to the size of their stakes... "I really regret the Hero Group's decision, but Daimler Trucks will nonetheless enter the truck volume market in India," said Daimler Trucks chief Andreas Renschler in a statement on Wednesday...
Labels: truckmakers news worldwide
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