Volvo buys out Azad Group’s stake

He,however,refused to divulge the financial details of the buyout.

“Volvo India has made a fantastic journey since 2001 and now wants to take the next step into the next 10 years of bus journey in this country”. Rune Lundberg,Senior Vice President Volvo Bus Corportion and Chairman of the Board of Volvo Buses in India said.

“India is the future home market for VBC,” he said,adding the company plans to ensure a substantial industrial establishment in India to cater to the domestic market and overseas.

It also plans to move local R and D development to the country and to develop dedicated products for the Indian market to ensure it could offer complete bus and transport solution. The company was keen to enter into large export business out of India in the coming future.

“We want to contribute to shape the future of the bus industry in India”,he said.

Volvo Buses has taken a leading role in expanding its global footprint and India would play a major role in the footprint development,he said. The company expected India to be among its top three markets.

It planned to double its investment from Rs 100 crore to Rs 200 core within the next three years and also planned to double its current capacity of 1,000 buses from its Hoskote plant to cater to increasing demand.

As part of the growing demand,it also planned to augment its current employee strength of 1,000 by 30 per cent in two years. “We plan to grow into a billion dollar company in five years,” Passey said,adding much of this was expected to come through entry into new segments,inter-city buses and exports.

Taking a big leap through the buyout,Volvo Buses also plans to export by the end of this month to Africa and subsequently to the Middle East.

Volvo buses currently was present in 12 cities with Mumbai being the latest addition. It plans to expand to new cities in the coming future in the city bus space. “We are currently conducting field trials in Delhi”,he said.