An agreement formalizing this investment was signed during the Invest Karnataka-2025 summit in the presence of Karnataka Chief Minister Siddaramaiah, Minister for Large and Medium Industries M B Patil, Principal Secretary of Industries Department Selvakumar, and Volvo India Managing Director Kamal Bali.

Volvo currently operates manufacturing units in Peenya, Hoskote, and Pithampur near Dharwad in Karnataka. The Hoskote plant's expansion will increase production capacity from 3,000 to 20,000 buses and trucks annually. This growth will cater to both domestic and international markets, boosting exports and strengthening India’s role in the global supply chain.

Bengaluru is Volvo's fourth largest international location, hosting a Global Capacity Centre that employs over 3,500 people. This center handles key operations such as Research and Development, procurement, logistics, and financial services. Volvo also operates a joint venture facility in Madhya Pradesh.

The company's annual turnover has exceeded $50 billion, reflecting its robust market presence. The new facility in Hoskote is expected to not only meet local market demands but also enhance India's export capabilities, contributing to economic growth and employment in Karnataka.

News source: Hindustan Times