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|24th April 2015, 14:50||#1|
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Volvo to invest Rs. 700 crore for expanding commercial vehicle business in India
Swedish commercial vehicle manufacturer is planning to expand its business activities in India. The company is planning to invest Rs. 500-700 crore over the next five years. Volvo has already invested close to Rs. 1,000 crore over the last ten years.
The investment will be made in segments such as buses, trucks, construction equipment and financial services. Volvo has already set up its facilities in India. So with the investment, the company will look to expand its current facilities and introduce new products.
The commercial vehicle market in India has been rather slow over the past two years. In the fiscal 2014-15 the sales of commercial vehicles fell by 2.83% compared to the previous year.
However, Volvo feels that the market should see a growth of 15-20% this year. The company also feels that the premium commercial vehicle segment, in which it operates, will grow by 40% in volume terms.
Source: ET Auto
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