Daimler is to buy 26% of India’s Sutlej Motors, an unsourced Business Standard newspaper report said on Monday, adding the German firm’s proposal had been cleared by the Foreign Investment Promotion Board.
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A spokesman for Daimler India declined to comment to Reuters on the report, saying: “Details of our association with Sutlej Motors will be shared once it is finalised.”
Daimler already has a venture with Sutlej for buses, the news agency noted.
The report added that the Indian government last month approved a proposal by the German company for a joint venture for building bus bodies but there was no mention at the time of the size of the investment or the identity of the local partner.
Business Standard said Daimler would produce the chassis for Sutlej Motors to body. The buses would be launched in India in the first quarter of 2008.
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By GlobalDataDaimler already has a truck deal with India’s Hero Group and is building a 5,000-unit Mercedes car plant in the country.
