Volvo India, the Indian arm of the Swedish maker of trucks and buses, will invest an additional `974 crore in India over a period of five years till 2020. The company will be making this investment in all its product divisions including trucks, buses, commercial equipment and new product development.
Volvo entered India in 1996-98 with a manufacturing facility for trucks at Hoskote, about 45 km from Bengaluru. It invested `900 crore initially and generated employment for 2,076 people. It started manufacturing buses in 2008 at another facility adjacent to trucks facility. According to a statement issued by the chief minister’s office in Bengaluru, the company will be generating new employment for 2,125 people.
“We will invest close to `900 crore till 2020 at our Hoskote plant for various failities including trucks and buses. We have already invested around `200 crore in the last 18 months,” Kamal Bali, managing director, Volvo India told FE.