The Sweden based auto maker Volvo is planning to invest heavily in the Indian market to expand its operations in the country. The company had recently announced that it will be investing a sum of Rs.400 crore to establish its research and development (R&D) and enhance its manufacturing capacity in the Indian auto market. The company is looking forward to earn revenue of $1 billion from its India operations by year 2015.
Speaking to the reporters in the National Capital on Thursday, Volvo Bus Corporation’s president and Chief executive, Hakan Karlsson, "We are looking to sell 5,000 buses in India by 2015. For this there will be an investment of Rs.400 crore which will include a research center and capacity expansion." He added that a significant part of the Rs.400 crore investments would go into the R&D centre. This will help in developing buses for India and other markets.
By year 2015, Indian will become one of the largest markets for the company, only second to China. At present, the total sales of the Volvo Bus Corporation is about 1000 buses, which includes sales to the private sector, city transport departments and institutions.
Speaking about the company’s showcase plans at the Delhi Auto Expo, Mr. Karlsson said, "We will be showcasing the 7700 Hybrid. But I can’t say when we will launch it, as this will depend on the Indian market."
