joint venture between Eicher Motors and Volvo of Sweden, will be acquiring
Volvo Buses India for a sum of Rs 100 crore. Definitive Agreements have been
signed for the integration of Volvo Buses India business into VECV. They will
cover the manufacture, assembly, distribution, and sale of the Volvo buses in
India, and other rights forming part of the business.
Consequently, the bus manufacturing facility at Hosakote, Bengaluru, and all employees of Volvo Bus India (VBI) will be transferred to VECV. Volvo Bus India is currently a division of Volvo Group India Private Limited (VGIPL). Akash Passey, Senior Vice President, Volvo Bus Corporation will join as President of the newly formed VECV Bus Division. He will repatriate to India for this role and report to Vinod Aggarwal, MD & CEO, VECV.
Post the completion of the transaction, VECV and VBI will consolidate their bus businesses into a newly formed bus division within VECV. This division will offer Volvo and Eicher branded buses, and will maximise synergies to capitalise on market opportunities. This strategy will be extended to exports, wherein the new bus division will offer products and services that are complementary with Volvo Buses’ core product portfolio in select international markets.
On the occasion, Vinod Aggarwal, Managing Director and CEO, VECV said “VECV’s strong presence in the Indian bus market with Eicher branded buses will be complemented by Volvo Buses’ prominent position in the premium bus segment. With this integration, VECV will be able to leverage synergies in the areas of product development, purchasing and manufacturing with access to Volvo Group’s world class technology in buses.”
“The Volvo Bus is a flag bearer of the Volvo Brand in India and we expect going forward this will be re-inforced even further by our JV partner – VE Commercial Vehicles,” added Kamal Bali, President & MD, VGIPL
“Going forward, customers and partners can expect the same high level of customer care and world-class products from both Volvo and Eicher brands. The new division will also engage further in the dynamic Indian market driven by megatrends such as urbanization, e-mobility and connectivity,” says Akash Passey, Senior Vice President, Volvo Bus Corporation.
The transaction will be completed once the conditions under the agreements are fulfilled and the final business transfer is expected to be closed within the next two months.
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