Volvo to Set Up ₹1,400 Cr Unit in Karnataka
Volvo signs MoU with Karnataka to set up ₹1,400 Cr plant in Hosakote, creating 2,000 jobs and boosting local production.
Bengaluru: Volvo Group, a leader in trucks, buses, construction equipment and sustainable mobility solutions on Thursday entered into an Memorandum of Understanding (MoU) with Government of Karnataka to set-up its fourth international manufacturing hub in Hosakote near Bengaluru city. Volvo Groups has its manufacturing units in Peenya of Bengaluru city, Hosakote and in Dharwad.
Volvo Group is all set to invest Rs 1,400 crore for its manufacturing unit at Hosakote and the Hosakote Volvo manufacturing unit aims to create over 2,000 direct employment, said Minister of Large and Medium Scale Industries M.B. Patil.
Principal Secretary to Department of Industries S. Selvakumar on behalf of the Government of Karnataka and Kamal Bali, Managing Director, Volvo India, signed the agreement as part of the ongoing Invest Karnataka-2025, a global investors’ meet organized at Bangalore Palace Grounds in Bengaluru city.
The Volvo Group signed a MoU with the Government of Karnataka at an event held at the Chief Minister’s official residence ‘Cauvery’ in Bengaluru city, in presence of Chief Minister Siddaramaiah, Minister of Large and Medium Scale Industries M.B. Patil among others.
Chief Minister Siddaramaiah assured Volvo Group of State Government’s support in setting-up its manufacturing unit in Hosakote which ensures job creation and foster economic growth in the region.
The Chief Minister lauded Volvo’s role in bringing high-quality buses to the State, especially in the luxury buses and stated luxury buses pressed into public transport by the State Government has become synonymous with the name of ‘Volvo.’
Volvo Group Chief Executive Officer (CEO) Martin Lundstedt assured the upcoming Hosakote manufacturing unit will enable Volvo to manufacture upto 20,000 buses/trucks per year to meet local market demands and significantly contribute to the job creation.
The Volvo CEO said Hosakote’s facility will increase production capacity but also secure India and in particular Karnataka’s place in the global supply chain.