Volvo India buys out partner in joint bus venture
December 6th, 2010 - 8:07 pm ICT by IANSBangalore, Dec 6 (IANS) Transport solutions major Volvo Buses India Ltd Monday announced that it has bought the 30 percent equity stake its partner Azad Coach Builders Ltd group had in the joint venture for an undisclosed sum.
Post-acquisition, Volvo’s stake in the three-year bus venture will increase to 100 percent.
“In the joint venture, we invested about Rs.100 crore (Rs.1 billion) that included our portion (70 percent) of the stake,” Volvo Buses India managing director Akash Passey told reporters here.
The decade-old Indian subsidiary of the Swedish transport major plans to expand its plant capacity to roll out about 2,000 buses per annum over the next five years.
- Volvo India buys out partner's stake in bus JV (Lead) - Dec 07, 2010
- Volvo to invest Rs. 400 crore to expand India operations - Oct 13, 2011
- Volvo India wins order for 100 buses - Dec 06, 2010
- Volvo Buses sees a 25-30 percent growth in revenue - Aug 26, 2010
- Volvo ropes in Srei BNP Paribas to offer finance - May 11, 2011
- Trial begins in Delhi of first CNG-powered Volvo city bus - Jun 03, 2011
- Mahindra forays into electric cars with majority stake in Reva (Lead) - May 26, 2010
- Volvo buses set for slow drive on bumpy road - Mar 10, 2009
- Karnataka should create jobs than seek investments: India Inc - Mar 15, 2012
- Volvo Eicher eyes 15 percent share of heavy commercial vehicles market - May 11, 2012
- Volvo launches gas-powered bus - Jan 05, 2010
- BGR Energy partners with Hitachi for power equipment - Aug 06, 2010
- Hero Honda is now Hero MotoCorp Limited - Jul 29, 2011
- ONGC to start two petrochemical projects by 2013 - Aug 30, 2011
- After Bangalore, Volvo eyes other Indian cities - Jun 15, 2008
Tags: 1 billion, acquisition, akash, annum, coach builders, crore, equity stake, india ltd, indian subsidiary, joint venture, managing director, next five years, passey, rs 1, swedish transport, transport solutions, undisclosed sum, volvo, volvo buses, volvo india