Daimler India Commercial Vehicles (DICV), the Indian arm of global auto giant Daimler, on Thursday said that it has signed a memorandum of understanding with the Tamil Nadu government, covering `2,277 crore of investments designed to expand its CV production at their Oragadam plant. This investment represents an approximate 400 jobs.
Satyakam Arya, managing director & CEO, Daimler India Commercial Vehicles, said: “This is the second MoU that DICV has signed with the Tamil Nadu government. It demonstrates our unshakeable confidence in the long-term potential of India as a market for commercial vehicles, and our ongoing commitment to the country as a whole.”
DICV was established as a wholly-owned Daimler subsidiary in 2009 to address four strategic targets — serve the strategic Indian growth market for commercial vehicles, leverage its potential as an exports base, develop its sourcing potentials for Daimler globally, and leverage specific competencies to provide shared services to the Daimler Group.
Since launching its made-for-India CV brand BharatBenz in 2012, DICV has sold well over 100,000 trucks and buses both in India and abroad. The company also exports to around 50 countries. DICV has already exported more than 30,000 vehicles and 125 million parts, proving it a perfect example of the ‘Make in India’ concept.
The combination of Daimler’s global network of resources and technological expertise with India’s innovation and cost-competitiveness has made DICV into a strategic pillar for Daimler Trucks, a release said here.
