Hyderabad, Jan 10 (UNI) The Volvo Bus Corporation today announced the setting up of Volvo BusBody Technologies India Pvt Ltd (VBT), a joint venture with Azad Group's Jaico Automobiles.
The new company, headquartered at Bangalore, would be the new face of Volvo buses in India and would undertake selling of complete Volvo bus units, including bus-body manufacturing at its new facility, a release said here.
Set up with an initial investment of Rs 80 crore, the VBT would start its fully operational bus-body plant in Hosakote, Bangalore by the end of this month.
The new entity would provide Volvo buses greater flexibility in introducing new product variants, besides catering to export markets.
The Volvo Bus Corporation as the majority stakeholder with a capacity of 1,000 buses, would manufacture for domestic market and also for exports to Africa, West Asia and Southeast Asia.
The new plant would roll out a new version of Volvo-9400 intercity buses in the first quarter of the next fiscal.
Elaborating the company's plans, Volvo Bus BodyTechnologies Managing Director Akash Passey said, ''with the luxury bus segment growing at 20 per cent, India holds a pivotal role in Volvo buses' growth plans.'' UNI VA JJ 1605