MUMBAI: On Thursday, Olof Persson, president and CEO of the $46-billion Volvo Group, made his first visit to India after taking over as head of the Swedish auto major in 2011. Persson, who has visited India before, says his impressions of the country now are of change and progress. Persson says India is vital to Volvo's growth prospects.
Volvo has been in India for 15 years. How has the journey been?
For the Volvo Group, India has become like a home market. Our bus business has become a progressive brand. We have built the trucks brand in the premium segment, where we have a 60% market share. We have also invested heavily in the construction equipment business and will now be rolling out excavators from our Indian facility. India has also established itself as a contributor to the rest of the group.
What are your future India plans?
We will expand the size and responsibility of the India operations. That means more tasks and more responsibility, both from a service point of view (IT and business services) and engineering. And we will continue to invest in India.
Can you share your investment plans?
We will invest Rs 2,000 crore in the Volvo brand in the coming years. The investment comprises of everything that we want to do - product investment across categories such as buses, trucks and commercial equipment, R&D, facilities and machines. We will also make Rs 1,800 crore in investments in the Volvo-Eicher joint venture. This investment will be financed by the JV, and will go towards new engine plant, new bus body plant, paint shop and test facilities.
Any plans to tap into the mass market?
We will come out with a new value truck in the Indian market. We are developing this product in Asia and it will be produced in different parts of Asia -- Thailand, Bangalore, China.
What are your plans for the Eicher JV?
We are focusing on taking the Eicher brand global. We are also working on the modernization of the Eicher product family.
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