Swedish commercial vehicle major AB Volvo has offloaded 12.7 lakh shares or around 4.7% stake in Eicher Motors for $310 million. Moreover, the company said that the divestment will have no bearing whatsoever on VE Commercial Vehicles (VECV), which will continue to be governed as an equal partnership venture. The shareholding pattern and governance framework of VECV remains unchanged.
VECV’s business includes the complete range of Eicher trucks and buses, VE Powertrain, Eicher’s components and engineering design services businesses as well as the sales and distribution business of Volvo trucks within India.
