![]() By consolidating the operations of Volvo Buses India into VECV, we aim to further develop our bus business and strengthen our position in the Indian bus market," said Håkan Agnevall, president of Volvo Bus Corp. ![]() “We are pleased with this development of Volvo Buses in India and see it as an opportunity to further build upon the successful JV company-VECV. The said move will benefit Eicher to take on its existing rivals such as Ashok Leyland Ltd and Tata Motors Ltd in the bus segment. Akash Passey, who currently is the senior vice-president at Volvo Bus Corp, will head the said division.Īccording to Aggarwal, while Eicher is an established player in the production and sale of mass-market buses, absorption of Volvo Buses offers access to technology to make low-floor and multi-axle coaches along with the premium brand.Įicher, which is already strong in the school and staff segments, now plans to foray into the inter-city bus segment with the acquisition, while growing in the heavy-duty bus category. Vinod Aggarwal, managing director and CEO at VECV, said that after the transaction is made, VECV plans to consolidate its bus business under an all-new bus division that will be created within VECV. Ever since, we have been a trusted developer, manufacturer and partner to the bus and coach business in more than 85. The transaction has no significant impact on the Volvo Group's earnings or financial position.As a result of the transaction, Volvo’s bus manufacturing facility at Hoskote, Bengaluru, and about 500 employees will be transferred to VECV. He will repatriate to India for this role and report to Vinod Aggarwal, MD & CEO VECV. Akash Passey will join as President designate of the newly formed VECV Bus Division. The new division will also engage further in the dynamic Indian market driven by megatrends such as urbanization, e-mobility and connectivity,” says Akash Passey, Senior Vice President, Volvo Bus Corporation. “Going forward, customers and partners can expect the same high level of customer care and world-class products from both Volvo and Eicher brands. “The Volvo Bus is a flag bearer of the Volvo Brand in India and we expect going forward this will be re-inforced even further by our JV partner – VE Commercial Vehicles.” added Kamal Bali, President & MD VGIPL. With this integration, VECV will be able to leverage synergies in the areas of product development, purchasing and manufacturing with access to Volvo Group’s world class technology in buses.” On the occasion, Vinod Aggarwal, Managing Director and CEO, VECV said “VECV’s strong presence in the Indian bus market with Eicher branded buses will be complemented by Volvo Buses’ prominent position in the premium bus segment. ![]() The new bus division will offer a full range of modern buses covering customer needs for heavy, medium and light duty buses”, says Håkan Agnevall, President of Volvo Bus Corporation. By consolidating the operations of Volvo Buses India into VECV, we aim to further develop our bus business and strengthen our position in the Indian bus market. “We are pleased with this development of Volvo Buses in India and see this as an opportunity to further build upon the successful JV company – VECV. This strategy will be extended to exports, wherein the new bus division will offer products and services that are complementary with Volvo Buses’ core product portfolio in selected international markets. This division will offer Volvo and Eicher branded buses, and will maximize synergies to capitalize on market opportunities. Post the completion of the transaction, VECV and VBI will consolidate their bus businesses into a newly formed bus division within VECV. With the integration of Volvo Buses India into VECV, we aim to shape the future of the Indian bus industry by offering the widest range of transport solutions to our customers. Over a period of time, the Volvo brand of buses in India has become synonymous with safety and comfort in both inter-city and intra-city public transportation, and we are extremely proud to have this iconic brand in our Joint Venture. Speaking on the announcement, Siddhartha Lal, Chairman, VECV said, “This is a momentous occasion and testimony to a very strong relationship between Eicher Motors and Volvo Group. Volvo Bus India is currently a division of Volvo Group India Private Limited (VGIPL). Consequently, the bus manufacturing facility at Hosakote, Bengaluru, and all employees of Volvo Bus India (VBI) will be transferred to VECV. They will cover the manufacture, assembly, distribution, and sale of the Volvo Buses in India, and other rights forming part of the business.
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