Eicher Motors said that its JV, VE Commercial Vehicles (VECV) has signed definitive agreement to form JV with iTriangle Infotech to develop and deliver fleet management solutions for truck and bus.
VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors.The JV will focus on development of industry leading telematics fleet management systems for VECV, operating on telematics hardware devices supplied to it by iTriangle.
Through this joint venture, VECV intends to further strengthen its innovative and industry leading surround-service portfolio for Eicher truck and bus customers to address the rapidly evolving people and logistics ecosystem in India and select export markets.
VECV shall hold 51% of the share capital of the joint venture company and the remaining 49% of the share capital of the JV Co shall be held by iTriangle.
The initial investment as envisaged in the shares of the JV Co shall be Rs 0.5 crore, of which an amount not exceeding Rs 0.2 crore shall be invested by VECV.
VECV will acquire 51% stake in JV for cash consideration of Rs 25.50 lakh.
Commenting on the JV, Vinod Aggarwal, MD & CEO VECV said Eicher took a lead to introduce 100% connectivity over five years ago. Since then, all Eicher Trucks and Buses are monitored 24X7X365 at our industry leading Uptime Center. Through the MyEicher App customers have unlimited access to advanced fleet management systems. The JV with iTriangle is a next step in this journey.
Vadiraj Katti, CEO & Co-founder, iTriangle said, As a company focused on building advanced telematics and mobility solutions, our endeavor has always been to provide innovative offerings to our customers to make public and commercial transport safe and more productive. VECV has been a pioneer in India to drive digitalization and technology in the transport sector and we are extremely excited to partner with them to develop and offer advanced Fleet Management Solutions to the industry.
Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles which operates in India's commercial vehicle space
The automobile major's consolidated net profit increased 18.21% to Rs 1,070.45 crore on 11.87% in revenue from operations to Rs 4,256.04 crore in Q4 FY24 over Q4 FY23.
The scrip declined 1.70% to end at Rs 4,647.15 on Wednesday, 15 May 2024.
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