Sweden-based bus and truck producer Volvo has determined to develop its manufacturing plant in Hoskote close to Bengaluru metropolis and has introduced an funding of ₹1,400 crore.
Volvo CEO Martin Lundstedt mentioned the corporate has manufacturing items in Peenya, Hoskote and Pithampur close to Dharwad in Karnataka.(REUTERS)
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The corporate expects that this funding would create over 2,000 direct jobs.
An settlement to this impact was signed on Thursday within the presence of Chief Minister Siddaramaiah at his official residence ‘Kaveri’.
The method was accomplished within the presence of Minister for Giant and Medium Industries M B Patil. Principal Secretary of Industries Division Selvakumar and Managing Director of Volvo India Kamal Bali signed the settlement in the course of the Make investments Karnataka-2025 summit.
Siddaramaiah mentioned on the event that Volvo got here to the state 25 years in the past, invested and began a change. Now Volvo is one other title for high-quality buses within the nation.
The chief minister assured Volvo of offering vital services and help. In return, the corporate ought to make use of extra Kannadigas. This could obtain each safety and financial progress for the locals, he mentioned.
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Volvo CEO Martin Lundstedt mentioned the corporate has manufacturing items in Peenya, Hoskote and Pithampur close to Dharwad in Karnataka.
“Now we are manufacturing 3,000 buses and trucks here per year. With the expansion of the Hoskote plant, we can manufacture 20,000 buses and 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,” the Volvo CEO mentioned.
He mentioned Bengaluru is Volvo’s fourth largest worldwide location. The International Capability Centre right here employs over 3,500 individuals and handles Analysis and Improvement, procurement, logistics and monetary providers.
He informed the chief minister that the corporate has a three way partnership in Madhya Pradesh. The corporate’s turnover has now crossed USD 50 billion each year, he added.
“The new facility is expected to create over 2,000 direct jobs, significantly boost exports, and enhance India’s position in the global supply chain. Production capacity at the Hosakote facility is set to soar, from 3,000 to a massive 20,000 trucks and buses annually, catering to both Indian and international markets,” a press release issued by the corporate mentioned.
The three day occasion that was inaugurated by Defence Minister Rajnath Singh will conclude on Friday.