Stockholm, 22 August 2008: Volvo Group, one of the world's leading manufacturers of trucks, buses and construction equipment, said it has finalized the deal with Eicher Motors for the establishment of a new Indian joint-venture company, by the name VE Commercial Vehicles Limited.

The transaction has been approved by the necessary authorities and 50% of the joint-venture company has been consolidated in the Volvo Group from August 1, 2008.

The joint venture will contain all of Eicher Motor's truck and bus operations as well as the Volvo Group's Indian truck sales operations and truck and bus service operations.

As previously announced, Volvo Group has paid Rs.13,200 million for the joint venture.