Volvo CE looks to India following US, EU recession

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Bangalore, Sep 20 (UNI) Volvo CE is looking at emerging markets like India to maintain its growth in construction equipment business following the downturn in the US and European markets.

Talking to newspersons on the sidelines of a function here today, Patrik Olney, President of the Volvo CE, said the global construction equipment industry was feeling the heat of the economic downturn in the West.

''It is difficult times in the major markets and we are seeing lot of uncertainties there. We also see downturn in construction equipment business,'' he said.

''We will be eager to be active in India, which has maintained a healthy double digit growth. I see markets like India continue to grow. I don't see significant change in our Indian business due to trouble in the West,'' he added.

US and Europe remain the biggest markets for the company, he said, adding, the Volvo has taken up a USD 2.8 million expansion of its manufacturing facility in the country.

''It is a leader of construction equipment market after it took over of market leader Ingersoll Rand last year,'' he said.

He said the company would be able to maintain its dominating presence in the USD two billion Indian market through Volvo brand.

The company had refitting centres in the country to offer good quality used machievery through its dealers, he said, adding, sales of used machinery remain a good proposition for its growing business.

On global economic crisis, he said it had been a week of 'very strange' events. ''I felt quite concerned in the start of the week, better yesterday after the (US) government inervention. Structural issues remain a concern. We can assume that things would stabilise now,'' he said.

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