Kolkata: Construction equipment manufacturer Volvo Construction Equipment India said that it expects its growth to decline more than half to 10-15% this year due to the global economic meltdown, which has also hit India.
“The company had been growing at a rate of 30% on a year-on-year basis in the last few years,” Volvo CE India Managing Director Mrityunjaya Singh said.
However, this year, growth would come down to 10-15% due to the financial slowdown that the economy was going through.
“Volvo CE India is an active player in the construction equipment sector in the country and occupies the sixth position in terms of market share,” he said.
“The company manufactures 50% of its products at its plant at Bangalore, while the rest is imported from Korea, Canada and Sweden,” he said.
Volvo CE India is part of the Sweden-based Volvo Group, which has operations the world-over. It makes trucks, buses, cars and construction equipment.
“The company’s financing arm, Volvo Financial Services, was also keen to enter the Indian market for financing dealers and customers,” Singh added.