Volvo forms joint venture with Eicher Motors for finance business in India
Swedish automaker Volvo's financial arm, Volvo Financial Services (VFS), has formed a joint venture (50:50) (JV) with Eicher Motors. This JV will provide financing, leasing, and other financial services for customers of Volvo and Eicher.
The venture will be created whereby VFS India will issue new shares to Eicher in exchange for an equity investment of up to Rs 750 crores. This will happen after receiving the regulatory clearances.
Also Read: Volvo to expand its Hoskote facility, to invest Rs 1,400 crore