Volvo bets on India, to invest Rs 1000-1500cr in 3 years

Swedish automaker Volvo is stepping up its India business in an effort to increase its presence across product platforms. Philippe Divry, MD of Volvo India told CNBC-TV18's Ronojoy Banerjee that the Indian market had been dominated for far too long by Tata Motors and Ashok Leyland and Volvo was ready to make heavy investments to take their India business forward and challenge the leadership of the existing players.

Divry said, “We are planning to invest Rs 1,000-1,500 crore, in the next three years in India, and the investment plan of the VECV comes on top of that, will represent another Rs 1,000-1,500 crore also.” “For the moment we have taken no decision about setting up new plants, and we have a site in Pithampura and we are expanding that plant, and that is our plans for the moment,” Divry further added.