VECV acquires Volvo Buses operations in India, Auto News, ET Auto
New Delhi: VE Professional Vehicles Confined (VECV), an unlisted subsidiary of Eicher Motors is collaborating with Volvo Buses with an goal to give widest variety of community transport alternatives beneath Volvo and Eicher makes.
The definitive agreements signed between the two businesses will deal with the manufacturing, assembling, distribution and sale of Volvo Buses India (VBI) and other rights forming section of the business enterprise.
Talking on the announcement, Siddhartha Lal, Chairman, VECV claimed, “This is a momentous situation and testimony to a quite strong romantic relationship between Eicher Motors and Volvo Team. Over a period of time, the Volvo brand for buses in India has come to be synonymous with basic safety and comfort in both inter-metropolis and intra-metropolis community transportation, and we are incredibly happy to have this iconic brand in our joint venture.”
He even more said that with the integration of Volvo Buses India into VECV, the organization aims to shape the future of the Indian bus marketplace by offering the widest variety of transport alternatives to the prospects.
In accordance to VECV, 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 Team India Private Confined (VGIPL).
Article the completion of the transaction, VECV and VBI will consolidate their bus enterprises into a freshly shaped bus division within VECV. “This division will give Volvo and Eicher branded buses, and will improve synergies to capitalize on market options,” VECV claimed in a release.
Akash Passey will be part of as President of the freshly shaped VECV Bus Division. He will repatriate to India for this purpose and report to Vinod Aggarwal, MD & CEO VECV. “Going forward, prospects and companions can be expecting the same substantial level of shopper treatment and entire world-class items from both Volvo and Eicher makes. The new division will also have interaction even more in the dynamic Indian market driven by megatrends these types of as urbanization, e-mobility and connectivity,” claims Akash Passey, Senior Vice President, Volvo Bus Corporation.
On the situation, Vinod Aggarwal, Running Director and CEO, VECV claimed “VECV’s strong existence in the Indian bus market with Eicher branded buses will be complemented by Volvo Buses’ distinguished posture in the premium bus section. With this integration, VECV will be equipped to leverage synergies in the spots of solution development, buying and manufacturing with entry to Volvo Group’s entire world-class technological innovation in buses.”.
This approach will be extended to exports, wherein the new bus division will give items and solutions that are complementary with Volvo Buses’ core solution portfolio in choose global marketplaces, VECV extra.
Also go through: Eicher Motors Q1 earnings preview: Income most likely to tank 70-75{7e488363c11ee5ef50445c8c4fa770b6e6e4f99e57faea264a05ac52abb3ffe0} on drop in revenue
