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Volvo starts developing India as a sourcing hub for engineering services to support the group's expansion in Asia
Volvo India on Wednesday said it would focus on developing India as a sourcing hub for engineering services to support the group's expansion in Asia.
"Volvo in India is among the emerging market sources for the group, which already sources components through us here. Last year we achieved around 26 million Euros (US$31.1 million) of global sourcing. This year we should see a good increase in this number," Volvo India Pvt Ltd Managing Director Eric Leblanc said.
"India is being established as a source for engineering services and this is being done to strategically support the group's expansion in Asia," he said.
On the company's exports from India, he said Volvo buses were being exported to Bangladesh and Volvo Trucks to South Korea.
"Volvo India is responsible for South Asia and we hope to see more activity in these markets too," he added.
Referring to the investment plans, Leblanc said it would continue to expand at an operating leveland there were 100 locations, including sales, service, dealer and warehouse, out of which Volvo India is functioning.
Volvo produces about 1,200 trucks and buses in one shift at its Hoskote factory, Leblanc said, adding "the production levels at our plant can be raised by increasing the number of shifts, if so be the requirement".
Declining to reveal the company's specific business plan, Leblanc said: "The performance across our business is strong and we expect it to continue in the coming days."
Last year Volvo recorded a turnover of Rs 6,000 million (US$134 million) and expects the growth to continue.
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