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Volvo Buses plans $80 million investment

autos Updated: Oct 13, 2011 18:13 IST

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The Indian bus-making unit of Sweden's Volvo AB announced plans to invest four billion rupees ($80 million) over the next five years to expand production in a key market.

Volvo Bus Corp. chief executive Hakan Karlsson told reporters in Bangalore that investment would fuel a five-fold increase in annual output in India to 5,000 buses by 2015.

The Swedish firm entered India a decade ago to make heavy duty trucks, before moving into the luxury bus segment.

"Our target is to sell about 5,000 buses per annum from 2015 and increase revenue to $1billion (490 billion rupees) from 5.6 billion rupees in 2010," Karlsson said.

"We will also ramp up our workforce to about 5,000 people," he said, outlining plans to build a new plant.

The company currently has a large manufacturing unit at Hoskote, about 40 kilometres (30 miles) from Bangalore.