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Daimler to build factory in India

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09:00 CEST+02:00
German auto group Daimler has chosen Chennai, southern India, as the site for a new truck plant, it said Monday.

Construction of the factory in India's fourth-largest city is to begin in the near future, with production of 70,000 vehicles per year foreseen starting in 2010, a statement said.

Daimler operates in India via a joint venture formed recently with the Hero Group, known as Daimler Hero Commercial Vehicles (DHCV). The venture is to receive some €700 million in funds by 2013, from both companies and foreign investors, Daimler said.

It is trying to catch up with competitors that have already established a presence in the promising Indian market.

The world's leading constructor of commercial vehicles is also looking to attain a dominant position in the Brazilian, Chinese and Russian markets.

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