Volvo China announced that the Volvo Group has signed a definitive agreement with Indian automaker Eicher Motors to establish a new Indian joint venture. As previously announced, the name of the joint venture company is VE Commercial Automotive Co., Ltd., which consists of Eicher's entire truck and bus business and the Volvo Group's Indian truck sales business, as well as truck and bus service networks.
According to the agreement, Eicher Motors will transfer its entire truck and passenger car business, parts business and technical consulting service business to VE Commercial Vehicles, but Eicher's motorcycle production is not included. As announced earlier, Volvo will directly own 45.6% of the joint venture company. Volvo also acquired 8.1% of Eicher Automotive Co., Ltd. from its major shareholders, and thus obtained 50% of direct and indirect equity in VE Commercial Vehicles.
The Volvo Group will pay a total of 1.84 billion Swedish kronor for 50% of the direct and indirect equity of the joint venture company. Of this, 1.51 billion kyats were paid in cash to the joint venture company. The remaining 330 million kyats included 220 million kyats to pay 8.1% of Eicher Motors Ltd. and 110 million kyat as compensation for competition protection.
View related topics: Dongfeng, Volvo wants to cooperate with commercial vehicle business
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