By IANS
New Delhi : India Thursday gave its approval to German auto major Daimler to invest Rs.16.50 billion ($415 million) in a joint venture with the Hero Group to make commercial vehicles.
The Cabinet Committee on Economic Affairs gave approval for Daimler to hold a 60-percent stake in the venture that will design, manufacture and sell commercial vehicles of over two tonnes, an official statement said.
“The joint venture will also be sourcing components from India for Daimler’s global requirements. It would also undertake research and development activity for new products and variants,” the statement added.
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