Akash Passey has steered Volvo Buses India to the top of the luxury segment in less than a decade. But for the 43-year-old managing director, the journey is only half complete. Another milestone was crossed this week after Passey completed the acquisition of Azad Group’s 30 per cent stake in Volvo to make it a wholly-owned subsidiary of Swedish parent Volvo Bus Corporation.
Passey has not only carved a niche for Volvo in the Indian market, but also made it a household word. He was employee number one (the company now has a staff strength of over 1,000) in 1997, when can came on board and was tasked with business development.
He was involved in conceptualising Volvo’s India project in 1998-2000. He then took on the role of project manager. After launching Volvo buses commercially at the end of 2001, Passey was elevated to general manager.
In 2004, he completed the Volvo group’s top management programme called The Edge, held in conjunction with the UK’s University of Ashridge. Passey now oversees business development, sales and marketing for Volvo in South Asia. He is also actively involved as a member of the management committee for Volvo India.
Volvo today has over 75 per cent marketshare in the luxury inter-city air-conditioned coach segment and over 50 per cent of air-conditioned diesel low-floor city buses, which ply in 12 cities across the country. Some 3,500 Volvo buses currently operate in India.
A graduate of industrial production engineering, Passey began his professional career as a trainee with Eicher Mitsubishi (now Eicher Motors) in 1991. Passey’s next destination is making Volvo a volume player and turning India into an export hub for its buses. “Volvo has achieved only 30-40 per cent of what it wants to. There is still a long road ahead in India,” he adds.
