Volvo to invest Rs 3800 Cr in India
Global bus and truck maker Volvo will invest Rs 3800 crore in the coming years in India to build its facilities to emerge among the top two position from the present third position, Volvo Group President and Chief Executive Officer Olof Persson said today.
Addressing a press conference here, he said that while Rs 2000 crore would be invested in building Volvo facilities including Manufacturing, Research and Development and other facilities, Rs 1800 Crore will be invested in the Joint Venture with Heavy Duty Truck Manufacturer Eicher Motors.
Mr Persson said that India was an important market for Volvo Group and in the expansion proposed the manufacturing facility near Bangalore will contribute to European market also. 'Over the next few years 30 per cent of the products will be exported from India to other countries,' he added.
Replying to a question, he said that Volvo is giving utmost importance to localisation of a product it manufactures and it helps the company in many ways.
Mr Persson said that the company has 60 per cent market share in heavy trucks segment and it had also made its mark in India in Bus sector and will continue to invest in India in manufacturing sector.
He said that the company would soon release a new Volvo truck to the India, Asia, South Asia and South East Asia markets.
'For this purpose the production capacity would be increased in the coming days at plants in Bangalore, Thailand and China,' he added.