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Eicher Motors acquires Volvo Group India

13Aug By PriyankaNo Comments

Automobile

Eicher Motors acquires Volvo Group India

New Delhi, Aug 13, 2020: Eicher Motors subsidiary VE Commercial Vehicles has entered into a business transfer agreement to acquire Volvo Group India's bus business for a cash consideration of around $13 million (Rs 100.50 crore). VE Commercial Vehicles Ltd (VECV) is in the business of manufacturing and selling the Eicher branded trucks and buses and also distributes Volvo branded trucks and provides aftermarket services and distribution of spare parts for Volvo branded trucks and buses. Apart from being a subsidiary of the company, VCEV is also a joint venture between Eicher Motors and Volvo Truck Corporation, Sweden and Aktiebolaget Volvo (Publ.), Sweden. VECV entered into a business transfer agreement on August 12 with Volvo Group India for acquisition, as a going concern on sl...

Uber Launches Its First Bus Service in Egypt

Cairo, Egypt, July 20, 2020 - Uber launched its latest intercity Bus service in Egypt, aiming to connect cities together using the Uber app. Built locally, the company chooses Egypt once again to be the first country globally to roll out a new service. The launch comes as part of Uber’s continuous efforts to adapt its technology to build a wide range of products that meet the needs of local markets. Following the Covid-19 lockdown period, Uber is excited to continue expanding its presence in Egypt with a safe and affordable ride. “We are honored to witness another global product launch from Egypt, especially following the last few tense months across the country and the world. Egypt is an innovation hub and a fantastic environment for testing new products. By leveraging Uber’s tec...

Ola Shutting Down its Bus Unit ‘Shuttle’

Indian cab aggregator Ola has announced that it is shutting down its bus unit Ola Shuttle, as a part of a "re-balancing" of its mobility portfolio, reported Economic Times. Ola's Shuttle bus service will now be terminated in cities of Delhi-NCR, Mumbai, Kolkata,Hyderabad and Chennai. The news is surprising as the SoftBank backed Ola on the other hand has raised massive amount of funding which could have sufficed if it wanted to keep the engine running. Ola is also focusing on global expansion, starting from Australia. Ola had sent notifications to their customers in the above stated cities, informing them that the Ola Shuttle services will no longer be available starting February 3. The drivers were instructed to return their smartphones, GPS Devices and cameras later by the week ...