Volvo and Eicher Sign the Joint Venture
Posted on June 3rd 2008Welcome back!
On Monday, Volvo India and Eicher Motors Ltd signed a joint venture where Volvo will invest around Rs 1082.1 crore. This joint venture will begin its workings in next month (July). The joint venture will also plans for a vehicles financing business apart from their producing operations.
In New Delhi a joint venture is signed by Mr. sidhartha Lal (MD & CEO of Eicher Motors) and Mr. Par Ostberg (Senior VP and Chairman, Trucks Asia, Volvo Group) on Monday. EML shall hold 54.4% shares and remaining 45.5% shall lie with the Volvo.
The commercial vehicles business along with related components and design services of EML will be transferred to the joint venture company, which will be an unlisted subsidiary of EML, on a slump basis at a value of Rs. 202.20 crore.
- Mr. Siddharth Lal (MD & CEO for Eicher Motors) said.
By editor in Auto India News, Volvo