VECVVotre Ecole Chez Vous (French: Your School at Home)
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"Previously we consolidated ownership in VECV to a ratio of approximately 50:50, but after a change in internal policy these shares were no longer necessary," Kina Wileke, SVP for communications at Volvo, told PMV Middle East over the phone.
Since 2008, VECV has been owned by Eicher Motors Limited (EML) and the Volvo Group.
Currently VECV exports vehicles to neighboring markets like Bangladesh, Nepal and Sri Lanka, selling them through company distributors and not Volvo's.
VECV is already producing about 40,000 engines per year in this plant.
The move is expected to enable Volvo Group to locate most of its production of medium?duty engines to VECV's plant in Pithampur.
Volvo will thus be able to locate most of its production of medium-duty engines to VECV's plant in Pithampur, western India, the Swedish group said today.
Manufactured at VECV's own state-of-the-art manufacturing facility in Indore, Madhya Pradesh Eicher Skyline Pro buses are the most advanced in safety, comfort and efficiency.
The Hindu has reported, citing Shyam Maller, senior vice president - Sales & Marketing and Aftermarket, VECV, 'We had a good year in 2015 and we gained market share in bus segment.
According to a report in The Business Line, VE Commercial Vehicles Ltd (VECV), a joint venture between Sweden's Volvo Group and homegrown Eicher Motors, will invest Rs 1,200 crore by 2014 for expanding production capacity and developing new products.