Bengaluru: Swedish-based Volvo, known for manufacturing buses and trucks, has decided to expand its manufacturing plant in Hosakote and has announced an investment of Rs 1,400 crore.
The agreement was signed on Thursday in the presence of Chief Minister Siddaramaiah at his official residence ‘Kaveri’.
The process was completed in the presence of Minister for Large and Medium Industries M B Patil. The agreement was signed on behalf of the government by Principal Secretary, Industries Department Selvakumar and Managing Director of Volvo India Kamal Bali.
Volvo, which is active in the Global Investors’ Conference being held at the palace premises here, signed this important agreement as part of it.
Chief Minister Siddaramaiah said, “Volvo came to the state 25 years ago, invested and started a change. Now Volvo is another name for high-quality buses in our country. People are also calling the luxury buses of the State Transport Corporation by the same name. The government will provide necessary facilities and assistance to Volvo. The company should employ more Kannadigasin its ranks. This can achieve both security and economic growth for the locals,” he said.
Volvo CEO Martin Lundstedt said, “In Karnataka, the company has manufacturing units in Peenya, Hosakote and Pithampur near Dharwad. Now we are manufacturing 3,000 buses/trucks here per year. With the expansion of the Hosakote plant, we can manufacture 20,000 buses/trucks per year. This capacity increase will also create jobs and further strengthen the position of India and Karnataka in the global supply chain. In addition, it will be possible to meet the local market needs smoothly.”
“Bengaluru is Volvo’s fourth largest international location. Our GCC centre here employs over 3,500 people and handles R&D, IT, procurement, logistics and financial services. We also have a joint venture in Madhya Pradesh. The company’s turnover has now crossed $50 billion per annum,” he said.
Additional Chief Secretary to the Chief Minister, L K Ateek, and Industries Commissioner Gunjan Krishna were present on the occasion.
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