By IANS,
New Delhi : Indian automobile major Eicher Motors announced Friday that its joint venture deal with Swedish automobiles giant AB Volvo for making commercial vehicles has been finalized.
In a statement, Eicher Motors Ltd (EML) said that both companies have finalized the deal with the closing of the definite agreement that were signed by the two parties May 26.
According to the agreement, EML will transfer its commercial vehicle business along with its related components and engineering design services businesses to VE Commercial Vehicles Limited (VECV), its joint venture company with Volvo.
This JV will also contain Volvo Group’s Indian truck sales operations and the truck and bus service operations. The operations of VECV were effective from July 1, 2008, the statement said.