Volvo Sells Remaining Stake in India’s Eicher Motors
Volvo Group sold its remaining holdings in the Indian automotive and truck manufacturer Eicher Motors Ltd., the OEM said June 4.
The sale of just over 1 million shares was worth about $265 million. Volvo sold 1.3 million shares of Eicher in March for about $300 million.
Volvo said the divestment will have no effect on ownership or development of its long-standing joint venture with Eicher, VE Commercial Vehicles.
Sweden-based Volvo, which makes Volvo and Mack brand trucks in North America, said the sale will generate a second-quarter capital gain for its trucks unit.
