Volvo Bus Buys-out Azad Group In Indian JV - Volvo Buses India
Volvo Bus Corporation has bought out it's partner - Azad Group's 30% stake in Volvo Buses India Private Limited, it will now operate as a wholly owned subsidiary of Volvo Bus Corporation.
The Indian arm is a JV between Volvo and Azad Group's Jaico Automobile Engineering Company Private Limited. The company invested Rs 100 Cr in 2008 in the JV to set up the manufacturing facility as Hoskote near Bangalore.
Transaction Reference: IndianExpress
Volvo will double it's investment in the manufacturing facility in Hosakote to ramp up the manufacturing capacity to around 5000 buses annually by the end of five years.
Volvo recently bagged an order for 100 buses from VRL Logistics for approximately Rs 100 crore. The bus make expects to deliver these 100 buses over the next 6 to 8 months.
Currently around 3500 Volvo buses operate in India and the Swedish bus maker is now looking at increasing its production by nearly 100% by 2012.
The Society of Indian Automobile Manufacturers expects a growth of 11-13% in the Indian Bus Market in the next financial year. Tata Motors and Ashok Leyland are the market leaders in the country's bus market.
Delhi based Azad Group has been manufacturing buses and auto components for Tata, Ashok Leyland and Eicher for the past two decades. It also makes buses for state transport undertakings and tour operators.
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|07/12/10||Azad Group - Volvo Buses India - Volvo||M&A||Volvo Bus Corporation||-|
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