NEW DELHI, Oct 10 (Bernama) -- A delegation from Proton Holdings Bhd is expected to arrive here later this month to finalise plans to form a joint venture with Hero Group.
The Economic Times in today's front-page "Hero chases small car dream with Proton" said that Proton and Hero Group were in the final stage of negotiations.
Hero Group's top executives, according to the newspaper, had visited Proton's Shah Alam and Tanjung Malim plants and its car design subsidiary, Lotus in the United Kingdom.
Sunil Kant Munjal, chairman of Hero Corporate Service Ltd, told the newspaper: "Proton came and met us earlier and there's nothing more to add."
The tie-up would enable Hero Group, a family owned company that started off producing bicycle components in early 1940s, to enter the robust Indian passenger car market, which sold 1.5 million vehicles last year.
Proton had been critically exploring the Indian motor vehicle sector for some years and had talks with leading Indian players like Mahindra and Mahindra, Ambassador, Hindustan Motors, Sonalika's International Car and Motors Ltd and Argentum Motors.
More interaction between both parties is in the pipeline when International Trade and Industry Minister Datuk Mustapa Mohamed visit India later this month.
The US$4 billion Hero Group is owned by Delhi-based Munjal family.
In the past, the Indian company had also explored joint venture possibilities with French carmaker Peugeot-Citroen and Germany's Volkswagen, to manufacture cars for the Indian market, said the paper.
http://www.bernama.com/bernama/v5/newsbusiness.php?id=445960
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