Daimler Trucks may partner India’s Munjal family in commercial vehicles
German automaker Daimler AG’s trucks unit has zeroed in on the Munjal family — promoters of Hero Honda — for a joint venture to make commercial vehicles in India, and an announcement is expected before Christmas, local business daily Business Standard reported quoting unnamed sources.
Daimler has been directly in talks with the Munjal family, the report said.
‘The declared objective of Daimler Trucks has been and continues to be to substantially enter the Indian market, which, besides China, is the highest priority for us. We have said that we have identified a potential partner but are still in negotiations. We will soon announce the details of the finalised plan,’ the report quoted a Daimler spokesperson.
Daimler was earlier in talks with Eicher Motors but negotiations fell through over ownership issues, the newspaper said.
Management board member Andreas Renschler last month told an investors conference in New York that Daimler had completed talks over an Indian joint venture, but he declined to identify the partner.
