can meet evolving customer expectations for performance and quality while optimizing costs and cycle times.
But we remain deeply committed to both the Indian markets and VECV
, as part of the Group's broader strategy to expand in Asia and other emerging markets.
Par Ostberg, President, Trucks Asia, Volvo Group and Chairman, VE Commercial Vehicles, said, "This investment by VECV
in its Pithampur plant gives the Volvo group a complete facility in India for manufacturing and assembling the new medium?
has an established supplier base in India and efficient purchasing channels and already today, VECV
produces about 40,000 engines per year in the existing plant.
Since 2008, VECV
has been owned by Eicher Motors Limited (EML) and the Volvo Group and is currently the third largest manufacturer of commercial vehicles in the Indian market.
Divry said, 'We are planning to invest INR10bn to INR15bn, in the next three years in India, and the investment plan of the VECV
comes on top of that.
Sekar, Senior Vice President, Sale and Marketing, VECV
Philippe Divry, managing director of Volvo India Private Limited and a VECV
board member said, 'This is the biggest truck ever launched in India.
In addition to this, Divry will play a key role in interfacing between the Volvo Group Truck organizations such as Group Trucks Technology and Group Trucks Operations and their relations with the Volvo Group's joint venture companies such as VECV
, especially in areas such as business development, synergy projects and know-how transfer.
Our continued focus on product strategies and operational efficiencies in both the businesses, VECV
and Royal Enfield, has helped us achieve growth in sales and profits, despite challenging market conditions.
According to VECV
Managing Director Mr Siddhartha Lal, the investment will go into different areas, comprising ramping up engine production capacities, boosting R&D infrastructure, launching new products and reinforcing distribution and after sales network.
It received an order of 600 buses from Andhra Pradesh State Road Transport Corporation which was successfully executed with the majority of the vehicles being covered by VECV
under an Annual Maintenance Contract.