NEW DELHI: Swedish vehicle-maker Volvo will invest Rs.400 crore to set up a research and development (R&D) centre and expand capacity in India to earn $1 billion in revenue from its operations in the country by 2015.
"We are looking to sell 5,000 buses in India by 2015. For this there will be an investment of Rs.400 crore which will include a research centre and capacity expansion," Hakan Karlsson, president and chief executive, Volvo Bus Corporation, told reporters here Thursday.
Karlsson said the R&D centre and sourcing of parts locally would help in developing buses for India and for export purposes.
"A significant part of the Rs.400 crore investment would go into the R&D centre. This will help in developing buses for India and other markets."
Currently the company sells around a 1,000 buses in the country to the private sector, institutions and to city transport departments. India would be the second largest market for the company after China by 2015.
Karlsson added that in the coming year the company also planned to strengthen its service network in the country.
The company launched three new buses in different segments like city buses and coaches.
The company introduced the Asian bus range multi-axle coach 9400PX with a length at 14.5m making it the longest inter-city coach in India. The bus has a capacity to accommodate 105-to-110 passengers depending on the seating configuration.
The company also launched 7400XL another multi-axle bus with a steered axle and Volvo 9100 which was launched for the global market from India.
The company added that it will showcase the world's first commercially viable hybrid bus -- Volvo 7700 Hybrid at the Auto Expo here next month.
"We will be showcasing the 7700 Hybrid. But I cant say when will we launch it, as this will depend on the Indian market," said Karlsson.
With these launches, the company now offers 10 bus models in the country.
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