Eicher Motors and Volvo Group’s joint venture (JV) -- VE Commercial Vehicles (VECV) is going to acquire Volvo Group's bus business in India for Rs 100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV.
As part of the deal, VECV will carve out a separate bus division housing both Eicher and Volvo branded products. The bus division would be responsible for manufacturing, assembly, distribution and sale of both Volvo and Eicher buses in India. Consequently, the bus manufacturing facility at Hosakote, Bengaluru, and all employees of VBI will be transferred to VECV.
Eicher Motors is an India-based company, which is engaged in manufacturing automobile products and related components. The company operates in business verticals, including motorcycles, commercial vehicles and personal utility vehicles.
