Eicher Motors' VECV to acquire Volvo India's bus biz for Rs 100.5 cr

VECV entered into a business transfer agreement on Aug 12 with Volvo Group India for acquisition, as a going concern on slump sale basis, of the bus business of Volvo Group India, Eicher Motors said

Eicher Motors on Thursday said its arm VECV will acquire Volvo Group's bus business in India for Rs 100.5 crore.

Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement.

As part of the deal, VECV will carve out a separate bus division housing both Eicher and Volvo branded products. The vertical would be headed by Akash Passey, currently Senior Vice President at Volvo Bus Corporation.

The bus division would be responsible for manufacturing, assembly, distribution and sale of both Volvo and Eicher buses in India.

Consequently, the