VE Commercial Vehicles (VECV), a subsidiary company of Delhi-based Eicher Motors (EML) has signed a non-binding memorandum of understanding (MoU) with the Vinn Group of Sweden to explore business opportunities in the field of engineering design services.
Vinn Group AB is a joint venture company between Vinn Group and Volvo Technology Transfer AB (VTT), a wholly owned subsidiary of AB Volvo. The move is aimed at aligning VECV's engineering design services division along with EES Inc, USA and the two subsidiaries in China (collectively referred to as EES Division), which currently contributes to around 2 per cent of VECV's consolidated revenues and around 1.7 per cent of EML consolidated revenues. The objectives of the MoU is to explore the alignment of EES Division of VECV with Vinn Group AB, through an efficient structure, stated a press release from Eicher Motors today.
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