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Heavy-vehicle maker Volvo and India's Eicher complete venture deal
Aug 22, 2008, 11:49 GMT
Stockholm - Swedish heavy-vehicle maker Volvo said Friday it has completed a joint venture deal with Eicher Motors in India, following approval from regulatory authorities.
The Volvo Group, which does not include the Ford Motor Company- owned car division, was to pay 1.95 billion kronor (308 million dollars), the group said in a statement.
Part of the sum included expanding Volvo's current stake in Eicher Motors.
The joint venture includes Eicher Motors' truck and bus operations and the Volvo Group's Indian truck sales operations, a statement from Volvo said.
The groups inked a letter of intent in December.
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