Volvo India to drive past 2016 with 20% growth

Volvo is bullish about India, says managing director

Volvo India, fully owned by the Sweden-based AB Volvo Group, has said it would close the year ending this month with about 20 per cent growth over 2015.
 
This has primarily been driven by its construction equipment business, growing at about 40 per cent.
 
Kamal Bali, managing director, said the firm is focused on construction equipment, trucks, buses and engines are their four businesses. The other three had also done well this year, he said.
 
Volvo Trucks is a major entity in the mining segment, with market share of around 60 per cent. The company has also sold a cumulative 6,000 buses in this country; it hopes to begin exporting to some destinations in Europe.
 
Further, Bali said the high pace of growth in construction equipment might not sustain but an annual 10-20 per cent was likely over the next few years. The others are expected to continue the current seven to 10 per cent yearly growth.
 
A facility has been set up at its joint venture manufacturing location near Indore. The facility will manufacture a range of Volvo engines.
 
“We are bullish about India and the growth here,” said Bali.