Volvo Bus India Private Limited today announced the buyout of its joint venture partner Azad Group's 30 per cent stake in the JV.
Azad Group is Volvo Bus's JV partner since 2008. The buyout will take the Volvo Bus's stake from the current 70 per cent to 100 per cent.
Announcing this, Managing Director of Volvo Bus India Pvt Ltd, Akash Passey said the joint venture was ended through a mutual agreement, given the fact that Volvo plans to make India its future home market and also an export hub.
He also said that the firm plans to double its investment to Rs 200 crore.
Passey also said the firm planned to grow to $1 billion company in the next five years.
