Volvo Buses India Private Limited announced the 100% buyout of Azad Group share, its JV partner since 2008. Â This increases Volvo Buses stake from the current 70% to 100% ownership. Â Volvo buses is witnessing increased demand from both private and institutional customers and this move will provide Volvo Buses greater flexibility to expand and put in place ambitious growth plans in the coming years.
The future includes an increase in production by close to 100% by 2012, catering to more export markets and to bring in products for new segments. The future potential that Volvo Buses is preparing for is symbolized in the bulk order of 100 Volvo 9400 multi-axle buses to Mr. Sankeshwar of Vijayanand Road Lines (VRL) Logistics.
Akash Passey, MD, Volvo Buses India Private Limited, said, "We have seen robust growth in 2010 in terms of order wins and production. Most importantly for us, we see the establishing of key concepts that will drive future progress – long-haul luxury travel is getting segmented with higher demands, the country is clear about its ambition of making public transport a key tool for sustainable cities and we at Volvo have built a strong base via a partnership with almost every key private, public and institutional customer."
Volvo is focused in offering the entire gamut of support services along with the product and is the first company to be singularly focused on only one business – buses. Volvo Buses expects a growth of 15% - 20% overall and the Soft services to give 50% of the revenue in 2013-14. Currently, there are about 3500 Volvo Buses operating in India, both in the city and inter-city segments.
