Tamil Nadu - Chennai   

Daimler Hero group to set up plant

— Photo: M.Vedhan

investment flows: Andreas Renschler, member of the board of management of Daimler AG, and Sunil Kant Munjal, managing director of Hero Corporate Services, handing over the MoU document to M.F. Farooqui, Industries Secretary (right), in the presence of Chief Minister M. Karunanidhi in Chennai on Monday.

CHENNAI: A memorandum of understanding was signed on Monday between the State government and Daimler Hero Commercial Vehicles Company for a Rs.3,000-crore project to be implemented at the SIPCOT (State Industries Promotion Corporation of Tamil Nadu) industrial park in Oragadam near here. The company is a joint venture floated by Daimler AG [headquartered at Stuttgart, Germany] and the Hero group. As part of the project, a plant, with capacity to manufacture 70,000 commercial vehicles a year, will be established by 2010. It will provide direct employment to about 3,000 persons and indirect employment to 20,000 persons, according to an official release.

In the next few years, the investment may go up to Rs.4,000 crore.

Automobile giants Renault and Nissan are executing a project in the industrial park. Hyundai Motor India Company is also taking up an expansion project.

With the Daimler-Hero project, the status of Chennai as a hub of automobiles will be enhanced, the release stated.

In the presence of Chief Minister M. Karunanidhi, the MOU was signed by M.F. Farooqui, Industries Secretary, Andreas Renschler, member of the Board of Management of the Daimler AG, Sunil Kant Munjal, managing director of the Hero Corporate Services, and Marc Listosetta, chief executive officer of the Daimler Hero Commercial Vehicles Company.

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