Business Daily from THE HINDU group of publications
Thursday, Sep 28, 2006
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Business Daily from THE HINDU group of publications Thursday, Sep 28, 2006 ePaper |
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Corporate
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Alliances & Joint Ventures Volvo, Jaico ink pact to start jt venture for bus body production Our Bureau
Bangalore , Sept 27 Volvo Bus Corporation and Jaico Automobiles, an Azad Group company, have reached an agreement to start a joint venture company in India for production of bus bodies based on the Volvo bus body technology. Volvo will have 70 per cent stake in the new company, which will build a new plant with a capacity of 1,000 bus bodies per year, a Volvo release said. Jaico already makes bus bodies for Volvo near Bangalore but because of the increasing demand for more such buses, both the companies decided to enter into a joint venture and set up a separate plant to build bus bodies. "This is the right time to expand our business. The Indian market is booming and we see a demand for more inter-city as well as city buses in the country," Mr Akash Passey, Director, Business Region International, Volvo Bus Corporation, told Business Line. The bus bodies will primarily be used for Volvo buses and coaches in the Indian market. The proposed company will also explore possibilities to Africa, West Asia and South-East Asia. Both companies are in talks with various State Governments for locating the new plant. Volvo has sold a total of 1,200 buses in India since its launch in October 2001. It has also entered the city bus market in India with a modern low-floor bus with air-conditioning.
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