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Volvo Group plans to invest INR 2,000 crore in India
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Saturday, 17 Nov 2012
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PTI cited Mr Olof Persson President and CEO of Volvo Group as saying that Volvo Group plans to invest INR 2,000 crore in India to expand its truck, bus and construction equipment business.

Mr Persson said that ”We are talking about INR 20 billion going forward in the next coming years, the proposed investment would be in manufacturing, research and development and facilities. We are committed to India going forward in terms of investment.”

He said that VE Commercial Vehicles Ltd, a 50:50 JV between Volvo Group and Eicher Motors Ltd, would make an investment of INR 1,800 crore in the next couple of years.

He added that this investment would be towards massive modernization of Eicher product range, exporting the products and setting up of new engine and bus-body plants, paint shop and new test facility.

He added that the JV is setting up a plant at Pithampur in Madhya Pradesh, which will have full capacity to produce 100,000 engines by 2016. The Volvo Group, the global truck company, aims to source 30% of these engines for its European operations.

He further added that the Volvo Group is looking to expand the size and responsibility of India hub. The Swedish truckmaker expects the Indian market to grow faster than other regions, given the proposed investment and potential in this country.

Souce - PTI

(www.steelguru.com)

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