Eicher, Volvo to tie the knot this wedding season

EICHER-VOLVO JV: The Swedish company will own 50 pc via direct and indirect holdings in the JV and Eicher.

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Keywords: Joint Venture, Volvo

New Delhi: Two auto majors are tying the knot this wedding season — India's Eicher Motors and Swedish major Volvo are forming a joint venture to form a new company for commercial vehicles.

Eicher would hold 54 per cent and Volvo 46 per cent in the joint venture, with deal valued at $768 million.

Volvo will also be acquiring 8.1 per cent in the indian major.

The Swedish company will own 50 per cent via direct and indirect holdings in the joint venture and Eicher.

It will transfer its entire truck and bus operations valued at $75 million to the joint venture. The whole transaction will be completed by mid 2008.