Hero group plans CV plant in TN

Chennai: Mr Sunil Kant Munjal, Managing Director, Hero Corporate Services Ltd, met the Chief Minister of Tamil Nadu, Mr M. Karunanidhi, in connection with the setting up of a commercial vehicles plant in the State.

The Hero group and Daimler AG of Germany intend to jointly put up a plant that would produce heavy commercial vehicles, at an investment of Rs 3,000 crore. The industrial township of Oragadam, near Chennai, is one of the locations under consideration for putting up the plant.

Hero and Daimler have more or less decided on Oragadam, sources in the know say.

When it happens, it would be the second major investment in the commercial vehicles space in Tamil Nadu in the last few years.

Recently, Ashok Leyland and Nissan, the Japanese automobile major, formed a joint venture to manufacture 100,000 light commercial vehicles at Sriperumbudur, also near Chennai, at an investment of Rs 2,300 crore.