Volvo inks Rs 80 cr JV with Jaico for buses
New
Delhi,
Jan
13:
Volvo
Bus
Corporation
said
it
will
enter
into
a
joint
venture
with
Jaico
Automobiles
to
set
up
the
Volvo
Bus
Body
Technologies
India
Pvt
Ltd
(VBT)
at
an
initial
investment
of
Rs
80
crores.
The new company, headquartered in Bangalore will be the new face of Volvo Buses in India and will undertake selling of complete Volvo bus unit including bus-body manufacturing at its new facility. VBT will start its fully operational bus body plant in Hosakote, Bangalore by the end of January 2008. This new entity will provide Volvo Buses greater flexibility in introducing new product variants in the future besides catering to export markets.
''The new company boast's of one of the most modern plants in South Asia with a manufacturing capacity of 1,000 buses. The company will manufacture products for the Indian market along with exports to markets like Africa, West Asia and Southeast Asia,'' said the newly appointed Volvo Bus Body Technologies MD Akash Passey.
The new plant is slated to roll out a new version of Volvo 9400 Intercity buses in the first quarter of 2008.
UNI