Volvo CE India expects decline in growth

Construction equipment manufacturer Volvo Construction Equipment India today said it expects its growth to decline more than half to 10-15 per cent this year, due to the global economic meltdown, which has also hit India.

The company had been growing at a rate of 30 per cent on a year-on-year basis in the last few years, Volvo CE India Managing Director Mrityunjaya Singh told reporters here.

However, this year, growth would come down to 10-15 per cent, 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, Singh claims.

The company manufactures 50 per cent of its products at plant in 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.