Eicher Motors signs pact with Volvo for jt venture
Truck maker Volvo said on Monday that it had signed a letter of intent to set up a new truck and bus joint venture with Eicher Motors Ltd.
Volvo said in a statement that it would acquire an 8.1 percent stake in Eicher to give it a direct and indirect ownership of 50 per cent in the joint venture. Under the deal, the joint venture would include Eicher’s entire truck and bus operations while Volvo would add its sales operations for trucks in India, valued by the firm at $75 million, and $275 million in cash.
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