Volvo Bus Buys-out Azad Group In Indian JV - Volvo Buses India
by Irfan Khan
Volvo Bus Corporation has bought out it's partner - Azad Group's 30% stake in Volvo Buses India Private Limited, it will now operate as a wholly owned subsidiary of Volvo Bus Corporation.
The Indian arm is a JV between Volvo and Azad Group's Jaico Automobile Engineering Company Private Limited. The company invested Rs 100 Cr in 2008 in the JV to set up the manufacturing facility as Hoskote near Bangalore.
HBL Power Systems Limited will buy a majority in Agile Electric Drives Technologies and Holdings Private Limited by subscribing to new shares and purchase of outstanding equity shares of Agile Electric from the existing shareholders.