The two companies have signed a joint venture agreement in which the German partner will have 60 per cent stake and the rest will be with the Hero Group in a company named Daimler Hero Motor Corporation (DHMC). Read more
Courtesy: economictimes.indiatimes.com
Archive for the 'DaimlerChrysler India' Category
Daimler, Hero to invest Rs 4,400 cr in commercial vehicles venture
Published April 21st, 2008 in DaimlerChrysler India. 0 CommentsDaimlerChrysler India is now Mercedes-Benz India
Published February 22nd, 2008 in DaimlerChrysler India. 0 CommentsRead more
Courtesy: www.indiacar.net
DaimlerChrysler India name changed to Mercedes-Benz India
Published February 20th, 2008 in DaimlerChrysler India. 0 CommentsThe renaming of the automobile manufacturer follows the disposal of 80.1 per cent of its stake in Chrysler Holding LLC, a release issued here stated.
A clear distinction has been made between the corporate brand Daimler and the group’s various product brands, the release added. Read more
Courtesy: www.indiacar.net
India, China to drive auto growth in 2008: Daimler
Published February 15th, 2008 in DaimlerChrysler India. 0 CommentsPosting net profits of 3.985 billion euros ($5.8 billion) for 2007, up from 3.783 billion euros ($5.52 billion) in 2006, Daimler said it expected a moderate increase in revenue from the 99.4 billion ($145 billion) euros recorded in 2007.
“From today’s perspective, all operations should contribute to this growth. The regional focus of expansion is likely to be mainly in the growth markets of Asia and Eastern Europe,” it said.
Read more
Courtesy: www.indiacar.net
Daimler?s new plant to come up early next year in Maharashtra
Published January 25th, 2008 in DaimlerChrysler India. 0 CommentsLuxury carmaker DaimlerChrysler is set to commission its new manufacturing base at Chakan in Maharashtra early next year, which would enhance the company?s capability to offer a wide range of products.
The Director of Sales and Marketing, Mr Sanjiv Sahajwala, said that the plant slated for commissioning by the first quarter of 2009, would come up in a 100-acre site near the current manufacturing base. More
Courtesy:www.indiacar.net
Daimler to hold 60% stake in bus & truck JV with Hero
Published December 27th, 2007 in Tata Motors, DaimlerChrysler India, Nissan, Ashok Leyland and Eicher motors. 0 CommentsGerman auto major Daimler will hold 60% stake in its commercial vehicle joint venture in India with the Hero group holding the remaining 40%. The total investment in the project will be around Rs 3,500 crore, although the final numbers are still being worked out. Daimler’s investment in the venture will be around Rs 1,650 crore. This pegs the equity component of the Rs 3,500-crore project at around Rs 2,750 crore.
While Daimler and Hero had announced plans for a JV earlier this month, but they did not give out the details then. These figures were communicated by the German company to the government last week. The proposed Rs 3,500-crore investment makes this JV the biggest of the four commercial vehicle partnerships announced this year, namely Tata-Iveco, Nissan-Ashok Leyland and Volvo Eicher. More
Courtesy:economictimes.indiatimes.com
Argentum to infuse Rs 500 cr in Daewoo facility
Published December 24th, 2007 in DaimlerChrysler India, Volkswagen and Renault. 0 CommentsArgentum Motors, the present owners of the erstwhile Daewoo Motors’s India unit in Greater Noida, will infuse Rs 500 crore to modernise the facility over the next 18 months as it gears up to host global commercial vehicle maker Daimler for the latter’s proposed LCV roll out.
The current promoters of Argentum Motors, ex-Hyundai chief BVR Subbu and SpiceJet Director Ajay Singh, plan to start contract manufacturing operations at the facility for which the company is in talks with various international players, including Daimler, Volkswagen, Renault, Citroen and Peugeot, sources close to the company said. More
Courtesy:economictimes.indiatimes.com
Barely four days after Volvo announced its tie-up with Eicher, MNC auto major Daimler Trucks has announced a joint venture (JV) with the Hero Group to manufacture light, medium and heavy-duty commercial vehicles.
Both companies have signed a shareholder agreement, and are in the process of submitting an application to the Foreign Investment Promotion Board (FIPB).
ET first reported on the negotiations between the Munjals of the Hero Group and the Stuttgart-based auto major on November 2. The JV would possibly use Argentum, a company owned by SpiceJet MD Ajay Singh and former Hyundai India boss BVR Subbu for contract manufacturing. More
Courtesy:www.indiacar.net
Daimler has few options for India truck partner
Published December 13th, 2007 in DaimlerChrysler India, Nissan, Ashok Leyland and Eicher motors. 0 CommentsDaimler AG is running out of options as it seeks a local partner to crack India’s fast-growing truck market, but a Hero may yet come to its rescue. Daimler, the world’s largest maker of medium- and heavy-duty trucks, is targeting emerging markets and has said it had found a partner for India.
On Thursday, a spokesman in India reiterated Daimler was very close to making an announcement after local media said a deal may be finalised in a week. More
Courtesy:economictimes.indiatimes.com
Daimler out of race for India’s Eicher stake
Published November 4th, 2007 in DaimlerChrysler India and Eicher motors. 0 CommentsDaimler has pulled out of the race for a stake in Indian bus and truck maker Eicher Motors Ltd, reported a news daily on Sunday. That has left Volvo, Renault, Mahindra International, a joint venture of Mahindra & Mahindra Ltd and Navistar’s International Truck and Engine Corp, and “some other unidentified companies”, it said.
“We were in talks with Eicher, but we are not looking at having any partnership. We are not interested in that company,” the paper quoted a Daimler India executive as saying. Eicher Motors has said it is evaluating partnership options. More
Courtesy:economictimes.indiatimes.com
