Volvo, Eicher to set up JV in India
Swedish truckmaker Volvo AB reached a tentative deal with Indian automaker Eicher Motors Ltd. Monday to set up a joint venture that will combine the companies' truck and bus businesses in India.The two companies signed a letter of intent that requires Volvo to invest $275 million in the joint venture and transfer its existing truck dealer and service network valued at $75 million to the joint venture, Volvo said in a statement.
