Daimler and Hero group venture gets approval from Indian government

The Union Cabinet has now given its approval to the proposed joint venture between Daimler and the Hero group.

The two companies had announced last year that they were going to collaborate on manufacturing light, medium and heavy commercial vehicles for the Indian market.

The government has now given its approval for the Rs. 1,650-crore investment by Germany’s Daimler in this joint venture.

The two companies added that this venture would also source components from India for Daimler’s global requirements.

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