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Volvo Trucks and Daimler sign Indian JV agreements

Britain’s Truck and Bus Builder newsletter reports that Daimler Trucks and the Indian Honda motorcycle manufacturer Hero have set up a joint venture to build Indian-market versions of Mercedes-Benz CVs in India. It also reports that the Volvo Group has signed a letter of intent with Eicher Motors, India’s third largest CV manufacturer after Tata and Ashok Leyland, to set up a new joint-venture firm, which involves input cost of £172m on Volvo’s part, while Eicher will commit its truck, bus and component business to the new company.

Volvo will transfer its Indian truck dealer and service network into the joint venture. The new firm employs some 2,300 people. Eicher built and sold some 24,300 light, medium and heavy trucks and 3,800 buses and coaches in the last financial year.