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Volvo launches ,11/ with Eicher
Page 13
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VOLVO IS l'O acquire 8.1% of Indian truck manufacturer Eicher Motors and will form a 8350m (L170m) joint venture with a view to exploiting what is now the world's fourth largest truck market.
This ends months of speculation, with both Volvo and Daimler courting Eicher. Daimler had been regarded as the preferred bidder but Volvo has paid what many analysts regard as an inflated price, leaving Daimler — also keen to leverage itself into the mass Indian truck market — likely to announce a deal with the Hero Group before the end of the year.
Earlier this year Volvo had lengthy talks with Ashok Leyland with a view to acquiring the 15% stake in India's second largest truck manufacturer ceded by Iveco. These talks failed as a result of Ashok Leyland's reluctance to give up management control.
Instead "it will be a joint!) managed company". says Eichet chief financial officer Vink Aggarwal. "There will be sharec control between Volvo and Eichel Motors — both partners will have joint rights on the appointment a management."