The President and Chief Executive Officer of Volvo Group Olof Persson on 15 November 2012 announced that the Volvo Group is going to Invest 2000 crore Rupees in India over the next couple of years to expand its truck, bus and construction equipment business.
With this, VE Commercial Vehicles Ltd (VECV) which is a 50:50 joint venture between the Volvo Group and Eicher Motors Ltd (EML), is going to make an investment of 1800 crore Rupees in the next couple of years.
The Proposed Investment is directed towards massive modernisation of Eicher product range, exporting the products and setting up of new engine and bus body plants, paint shop and new test facility.
The joint venture of Volvo Group and Eicher Motors Ltd is setting up a plant at Pithampur in Madhya Pradesh, which have a full capacity to produce 100,000 engines by 2016.Volvo Group aims to source 30 per cent of these engines for its European operations.
The Volvo Group is very rapidly expanding its size and Business in India taking into consideration the fact of proposed investment and potential of the country.
About Volvo Group
The Volvo Group is the world’s second biggest truck company. It is Sweden based company which not only manufacture trucks and buses but also construction equipment with supplying of marine and industrial drive systems and financial services. Earlier the company also used to manufacture cars.
Volvo Group in India constitutes three legal entities — Volvo India Private Limited (VIPL) and Volvo Buses India (VBI) and VECV.
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