Bangalore, Mar 11: As growth slows down, Volvo India, the Indian arm of Sweden-based heavy bus and coach manufacturer, has resorted to rigorous cost cutting measures.
"Recession has affected everyone and Volvo buses is no different. High growth rates which were there six months back ...more or less disappeared, financing is not available to customers and if it is available it is available at very high interest rates," Akash Passey, Managing Director of Volvo Bus India Private Limited, said here on Tuesday, Mar 10.
He also said that Volvo was eyeing orders from the public transport undertakings.
"The central and state governments are taking very good measures to change and upgrade...especially the Urban Development Ministry to change urban transport. With that in mind we feel that if that business...to come in we could end up the year with the 20 to 25 percent growth in volume in 2008," added Passey.
He further added that Volvo Buses India sold 440 buses in 2007-2008, up from 200 a year before.