MUMBAI (AFX) – German auto maker DaimlerChrysler AG has decided to venture into the Indian market alone, after talks to increase its stake in Eicher Motors Ltd seem to have failed, The Economic Times reported.
‘Currently, there are is intention to tie up with any local companies,’ a senior official at DaimlerChrysler India said, adding the company could bring its Actros range and its light and medium commercial vehicles into the country as and when it wants to expand its market presence.
The paper said DaimlerChrysler, which already holds a 3.56 pct stake in Eicher was looking to raise it further to 20 pct.
It said the talks between the companies ended after they failed to agree on price and representation on the Eicher board.
ami.shah@thomson.com
ami/ra/lam
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