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Volvo Buses to invest Rs 200 cr in 2 yrs; to enter new segment

Volvo Buses to invest Rs 200 cr in 2 yrs; to enter new segment
PTI
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First Published: Wed, Sep 07 2011. 03 30 PM IST
Updated: Wed, Sep 07 2011. 03 30 PM IST
New Delhi: Volvo Buses on Wednesday said it will invest more than Rs 200 crore in India over the next two years to develop new products, including medium-segment buses.
The company operates only in the top-end bus segment, with prices ranging from Rs 75 lakh to Rs 1 crore.
“We at the moment are focused at the top segment. I think new verticals will be developed in the medium bus segment in India and we as Volvo buses would like to target,” Volvo Buses India managing director and CEO Akash Passey told PTI on the sidelines of the annual SIAM summit here.
In order to bring out new products, the company plans to expand its Bangalore facility where it has extra land at its disposal.
“We already have space for extension in our current facility... in addition to that in the next two years, we are investing Rs 200 crore plus on equipment and building,” Passey said.
At present, the other firms which operate in the medium- segment buses includes Tata Motors and Ashok Leyland.
Passey said the company would grow around 35% in the current calendar year. The company sold 560 buses in 2010 and expects to sell up to 800 buses this year.
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First Published: Wed, Sep 07 2011. 03 30 PM IST