Eicher Motors Ltd.

Sweden’s Volvo AB is reportedly selling 1 million shares in Indian auto firm Eicher Motors in a deal valued at $278 million. Volvo is offering 1,00,5610 shares in a price range of 17,190-18,190 rupees in an open market sale that would result in the Swedish truck maker exiting its investment in Eicher.

In March, Volvo had sold 1.27 million Eicher shares for around 2.5 billion Swedish crowns ($296.05 million). Volvo bought the stake in Eicher in 2008 as part of a deal under which the Swedish company also set up a separate truck and bus making joint venture with Eicher in India.

Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.