Volvo to invest Rs 2k cr in India
Commercial vehicle major Volvo Group, on Thursday, announced plans to invest Rs 2,000 crore in India in the coming years, towards development of product portfolio, R&D, facility-building and machinery development among others.
Briefing reporters, Volvo Group President & Chief Executive Officer Olof Persson said the company has come out with a new India startegy, aiming to become the number one player in its segments.
As part of the strategy, he said, “We plan to improve customer-business relationship, exploring growth opportunities. We want to see where the business is growing fast, and capture the market to grow our business further.” The company is working on coming out with efficient transport solutions as well.
The company also plans to roll out more high-value premium trucks and buses in the country. “We plan to come out with a new value truck platform in the future, targeted at haulage, construction and mining industries. This product, which is for Asia, will be built at our Banglore facility, besides at our plants in Thailand and China,” Persson said.
Meanwhile, Volvo’s 50:50 joint venture with Eicher Motors — ‘VE Commercial Vehicles (VECV)’, will see Eicher’s portfolio is undergo massive modernisation, as the compny plans to take it global. An investment to the tune of Rs 1,800 crore is being planned in the coming years, to be financed within the JV. “The investment will be utilised towards the development of plant, paintshop and facility,” Persson added.