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Aug 22, 2008, 11:49 GMT

Heavy-vehicle maker Volvo and India's Eicher complete venture deal

Stockholm - Swedish heavy-vehicle maker Volvo said Friday it has completed a joint venture deal with Eicher Motors in India, following approval from regulatory authorities. The Volvo Group, which does not include the Ford Motor Company- owned car division, was to pay 1.95 billion kronor (308 million dollars), the group said in a statement. Part of the sum included expanding Volvo's current stake in Eicher Motors. The joint venture includes Eicher Motors' truck and bus operations and the Volvo Group's Indian truck sales operations, a statement from Volvo said. The groups inked a letter of intent in December.

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