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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345 Indian fishermen stranded in Iran return home via Armenia
New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.
External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.
The Indian nationals arrived in Chennai this evening, the officials cited above said.
The circumstances that led to them being stranded in Iran were not immediately known.
"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.
Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.
"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.
It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.
It also made a mention of five Indians being injured in Abu Dhabi on Friday.
According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.
"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.
It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.
