Volvo Buses Indian Division is sold as business transfer agreement, as per the agreement Eicher’s Subsidiary VECV have buyout entire Volvo Buses division includes it’s bus assembly plant in Bangalore.
VECV is a Subsidiary of Eicher formed to promote Eicher and Volvo Buses in India. VECV stands for Volvo Eicher Commercial Vehicle Limited, Volvo Buses India employees will be part of Volvo Eicher Commercial Vehicle Limited.
The business transfer agreement is worth a transaction of 100 crores in Indian rupees.
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