Daimler is planning a truck manufacturing joint venture with the Indian Munjal family.
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According to a report in the Indian newspaper Business Standard, an agreement could be announced before Christmas. Daimler commercial vehicle division chief executive Andreas Renschler has said several times in the last few weeks several times that a joint venture in India is close to being agreed.
The Munjal family set up the two-wheeler manufacturer Hero.
According to the newspaper, Daimler has also been talking to the India’s third largest truck manufacturer, Eicher Motors. Talks with Eicher have not been successful, despite the fact that Daimler indirectly owns 3.56% of the company. Earlier this week it was reported that Volvo had reached a tentative deal with Eicher to set up a joint venture that will combine the pair’s truck and bus businesses in India.
Daimler also owns 6.67% of India’s largest automotive conglomerate, Tata.
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By GlobalData
