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Eicher Motors, Volvo Group to Set Up Vehicle Financing JV in India

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Eicher Motors (NSE:EICHERMOT, BOM:505200) and Volvo Group plan to form a 50:50 joint venture for vehicle financing, leasing and related financial services in India, according to an Indian bourse filing on Thursday.

Shares of Eicher Motors rose nearly 1% in early trade on Friday.

Eicher Motors' board approved an investment of up to 7.50 billion Indian rupees to acquire a 50% stake in Volvo Financial Services India, captive finance provider of Volvo Group, the filing said.

The JV will act as the captive financing arm for products sold by Volvo Eicher Commercial Vehicles, Eicher Motors and Volvo Group in India, it added.

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