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Bangalore: Volvo Buses India, the Indian arm of Sweden-based commercial vehicle major Volvo Bus Corporation, is likely to post healthy growth in sales in 2009 on the back of stimulus package provided by the Centre to bail out ailing automotive sector. Volvo Bus India is a 70:30 joint venture between Volvo Bus Corporation and India’s Jaico Automobiles, part of Azad Group.
“We will post a whopping 40-50% year-on-year growth in sales in 2009,” Akash Passey, managing director of Volvo Buses India, told FE on the sidelines of ‘Sweden-India Noble Memorial Seminar’ in Bangalore.
The company, which has its manufacturing unit near Bangalore, sold around 440 buses last year, he said. Sales in 2009 would touch 550-600 buses, Passey added. He said sales increased owing to the stimulus package announced by the government.
Under the Jawaharlal Nehru National Urban Renewal Mission in January 2009, the Centre had announced financial assistance for states to buy buses for the urban transport system. The scheme was expected to generate businesses worth Rs 4,000 crore for the Indian automotive industry that was hit due to economic slowdown.
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