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|23rd April 2009, 11:17||#1|
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Hero pulls out of Daimler Commercial JV
Hero Group has now pulled out of its JV with Daimler to produce commercial vehicles. Hero Group cited difficult economic situation and weak demand in India as the reason of withdrawing from the joint venture. "We are disengaging from the joint venture, but the company (joint venture) will continue to exist and run by Daimler. The reason for it is the current economic slowdown and we would not like to commit such big investment in the circumstances," Hero Corporate Services Chairman Sunil Kant Munja.
Daimler said Hero will maintain a conservative profile from now on. It will focus on its core business and return its 40 percent stake in the joint venture, Daimler Hero Commercial Vehicles Ltd., to its Daimler Trucks unit. No financial details of the break up were revealed. "In light of the current economic downturn, declining market conditions and the group's strength, Hero Group has decided to maintain its focus and continue to grow its core business and not to pursue the commercial vehicles business at this time," said Sunil Kant Munjal, the chairman of Hero Corporate Service Ltd.
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