Volvo plans R and D centre

Swedish vehicle-maker Volvo will invest Rs.400 crore to set up a research and development (R and D) centre and expand capacity in India to earn $1 billion in revenue from its operations in the country by 2015.

Volvo Bus Corporation President & Chief Executive Hakan Karlsson said the R&D centre and sourcing of parts locally would help in developing buses for India and for export purposes.  “A significant part of the Rs 400 crore investment would go into the R&D centre. This will help in developing buses for India and other markets.”