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...