"We have 11 new products on display, which we will start rolling out from February 2014. In the next 18 months all the products will be on road in a phased manner," he told reporters after unveiling the products.
He said the prices will be determined at the time of the launch.
The company had 7.8 percent market share in the 5 to 49 tonne range in 2008, which has increased to 13.8 percent now in domestic market.
He said with all these investments and new roll-outs, the company expects to have double digit market share in heavy duty (25 to 49 tonne) segment within next three years from 4 to 5 percent now.
VE Commercial Vehicles Limited (VECV) is a 50-50 joint venture between the Volvo Group and Eicher Motors Limited, which is in operation since July 2008.
The company includes the range of Eicher branded trucks and buses, VE Powertrain, Eicher's components and engineering design services businesses, the sales and distribution business of Volvo Trucks as well as aftermarket support to Volvo Buses in India.
The investments for the current products were done from the total Rs.1,800 crore investment that the company has done since 2008.
"The investment is done through internal accruals. We are financially strong and a debt-free company.
"The new Rs.700 crore investment will be on all the existing...products and infrastructure," Aggarwal said.
"The trucks launched today (Monday) are the embodiment of our joint efforts over the last five years," Olof Persson, president and chief executive officer, Volvo Group, said.
Aggarwal said the new series will be fuel efficient.
The company now exports to neighbouring countries like Bangladesh, Nepal, Sri Lanka and African states like Tanzania, Nigeria and Kenya and in the Middle East.
With this new range, the company plans to look at Southeast Asian markets like Indonesia.
--IANS (Posted on 02-12-2013)