India: Daimler pulls out of Eicher talks

Daimler has exited the race to acquire a stake in New Delhi-based Eicher Motors, according to Business standard.

Daimler has exited the race to acquire a stake in New Delhi-based Eicher Motors, according to Business standard. The commercial vehicles manufacturer has invited OEMs to approach it for talks on a possible alliance, including a strategic equity partnership.

Volvo, Renault and Mahindra International, the latter a joint venture between Mahindra & Mahindra and International Truck & Engines, are those among the remaining companies, according to Eicher. Little information has been divulged by the companies themselves, the Indian newspaper states.

"We were in talks with Eicher, but we are not looking at having any partnership. We are not interested in that company," the publication quotes an unnamed Daimler India executive as saying.

Eicher’s global sales for September reportedly rose by 21% year-on-year, to 2,840 units. Local sales accounted for 2,539 units, while the remaining 301 vehicles were exported. The OEM expects its sales to further expand in the 1 October 2007-31 March 2008 period, based on new model launches.

Daimler returned to the Indian commercial vehicle segment earlier this year, following a hiatus of 38 years. The first of its vehicles rolled out of its facility in Pune recently, Business Standard notes. The OEM is reportedly looking to expand its commercial vehicles line-up in India.

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