new Delhi. Aishwary Motors said on Thursday that its subsidiary VE Commercial Vehicles had signed a business transfer agreement to acquire Volvo Group India's bus business. The deal will be in cash 100.50 crore rupees. VE Commercial Vehicles Ltd is engaged in the business of manufacturing and selling Eicher brand trucks and buses. It is a distributor of Trucks of the Volvo brand and provides service and spares for Volvo brand trucks and buses.
Eicher Motor said in a communication sent to the stock exchanges that VE Commercial Vehicles has entered into an agreement with Volvo Group India on 12 August, under which the bus business of Volvo Group India will be acquired. It states that under the agreement, the manufacturing, assembly, distribution and sale rights of Volvo buses in India will be transferred for 100.50 crore rupees. The company has said that Volvo Bus India's manufacturing plant in Hosakote, Bangalore and all its employees will also be transferred to VECV.
VECV Chairman Siddharth Lal said that with the integration of Volvo Bus India into VECV, we aim to reshape the future of the Indian bus industry by offering a wide range of transport solutions to our customers. After the completion of the deal, VECV and VBI will merge their respective businesses into a new bus unit. This new unit will offer Volvo and Eicher brand buses.
The new bus unit will offer a modern range of heavy, medium and light buses to suit customer needs. Eicher Motors said the deal would be completed in the next two months. The stock of Ashar Motor was trading at Rs 21,985, down 0.54 percent on the BSE.
This post was published on August 13, 2020 3:15 pm
Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…
Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…