NEW DELHI, Dec 24 (Reuters) - India has approved a proposal
by German auto giant Daimler AG <DAIGn.DE> to set up a joint
venture company for building bus bodies, a government statement
said on Monday.
There was no mention in the statement of the size of the
Daimler investment nor details of the local partner.
Earlier this month, Daimler's market-leading trucks business
said it had formed a joint venture with India's Hero Group to
make a range of commercial vehicles for the fast-growing Indian
market.
That move would not affect local manufacturing operations
that Daimler already has in India, the firm added then.
Hero Group, founded by the Munjal family half a century ago,
is a conglomerate that generates more than $4 billion in annual
sales. Its joint venture with Japan's Honda Motor Co <7267.T> is
the world's largest motorcycle producer.
The government also cleared a proposal by the world's
fourth-largest advertising group Publicis <PUBP.PA> to acquire an
Indian public relations and advertising company.
Publicis had announced in October that it was buying Indian
public relations firm Hanmer & Partners.
(Reporting by Unni Krishnan, Editing by Mark Williams)
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Keywords: DAIMLER INDIA/