Volvo AB, a major transport solution provider in the global market, is all set to expand its manufacturing operations in the Indian auto market with an investment of Rs Rs.400 crore. According to a statement given by a senior official of the company on Thursday, the firm is looking forward to expand its manufacturing operations in the country over the period of next five year.
Speaking to the reporters in Bangalore, Volvo Bus Corporation Chief, executive Hakan Karlsson said, "We will invest Rs.400 crore during the next five years to expand our installed production capacity to 5,000 units’ per annum in two phases from 1,000 units currently and introduce a range of new products, including hybrid version."
Volvo buses have been a synonym of luxurious and comfortable travel in the Indian market. The firm has a joint venture with Azad Coach Builders Ltd in India, in which it had invested about Rs 100 crore in year 2008. The company is aiming to sell 5,000 buses per annum in the Indian auto market from year 2015, and aiming to increase the revenue Rs 4,900 crore as compared to Rs.560 crore earned in 2010 with the sales of 560 buses in the country.
