Invest Karnataka: Volvo to invest Rs 1,400 crore at Hoskote near Bengaluru
Bengaluru, Feb 13 (PTI): Sweden-based bus and truck manufacturer Volvo has decided to expand its manufacturing plant in Hoskote near Bengaluru city and has announced an investment of Rs 1,400 crore.
The company expects that this investment would create over 2,000 direct jobs.
An agreement to this effect was signed on Thursday in the presence of Chief Minister Siddaramaiah at his official residence ‘Kaveri’.
The process was completed in the presence of Minister for Large and Medium Industries M B Patil. Principal Secretary of Industries Department Selvakumar and Managing Director of Volvo India Kamal Bali signed the agreement during the Invest Karnataka-2025 summit.
Siddaramaiah said on the occasion that Volvo came to the state 25 years ago, invested and started a change. Now Volvo is another name for high-quality buses in the country.
The chief minister assured Volvo of providing necessary facilities and assistance. In return, the company should employ more Kannadigas. This can achieve both security and economic growth for the locals, he said.
Volvo CEO Martin Lundstedt said the company has manufacturing units in Peenya, Hoskote and Pithampur near Dharwad in Karnataka.
"Now we are manufacturing 3,000 buses and trucks here per year. With the expansion of the Hoskote plant, we can manufacture 20,000 buses and trucks per year. This capacity increase will also create jobs and further strengthen the position of India and Karnataka in the global supply chain. In addition, it will be possible to meet the local market needs smoothly," the Volvo CEO said.
He said Bengaluru is Volvo's fourth largest international location. The Global Capacity Centre here employs over 3,500 people and handles Research and Development, procurement, logistics and financial services.
He told the chief minister that the company has a joint venture in Madhya Pradesh. The company's turnover has now crossed USD 50 billion per annum, he added.
"The new facility is expected to create over 2,000 direct jobs, significantly boost exports, and enhance India’s position in the global supply chain. Production capacity at the Hosakote facility is set to soar, from 3,000 to a massive 20,000 trucks and buses annually, catering to both Indian and international markets," a statement issued by the company said.
Karnataka-Volvo Collaboration Takes Another Big Leap
— M B Patil (@MBPatil) February 13, 2025
Volvo Group to Set Up 4th International Manufacturing Hub in Hosakote, Karnataka
Over ₹1,400 Cr investment | 2,000+ direct jobs@VolvoGroup has signed an MoU with the Karnataka government to establish its 4th International… pic.twitter.com/xPrqd1ZfnE
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MI beat PBKS by 6 wickets
Dharamsala (PTI): Already out of play-offs race, Mumbai Indians beat Punjab Kings by six wickets in their IPL match here on Thursday.
Tilak Varma remained not out on 75 off 33 balls as MI chased down the target of 201 with one ball to spare. Will Jacks gave Varma company with 25 not out off 10 balls as MI reached 205 for 4 in 19.5 overs.
For Punjab, Azmatullah Omarzai was the most successful bowler with figures of 2/36.
Earlier, Shardul Thakur returned with excellent figures of 4 for 39 for MI, who are already out of the IPL play-offs race, but Punjab Kings still scored 200 for 8.
Deepak Chahar (2/36), Corbin Bosch (1/42) and Raj Bawa (1/11) were the other MI wicket takers.
Brief Scores:
Punjab Kings: 200 for 8 in 20 overs (Prabhsimran Singh 57; Shardul Thakur 4/39).
Mumbai Indians: 205 for 4 in 19.5 overs (Tilak Varma 75 not out; Azmatullah Omarzai 2/36).
