BENGALURU: Volvo Group has announced expansion of its manufacturing operations in the state with Rs 1,400 crore investment.
The company has signed a Memorandum of Understanding (MoU) with the state government to set up its fourth international manufacturing hub in Hoskote.
The new facility is expected to create over 2,000 direct jobs and significantly boost exports. The production capacity at the Hoskote facility is set to increase, from 3,000 to 20,000 trucks and buses annually, catering to both Indian and international markets.
Volvo Group CEO Martin Lundstedt said the Hoskote facility’s expansion will not only increase production capacity but also secure India and Karnataka’s place in the global supply chain.
“This expansion will enable us to manufacture up to 20,000 buses/trucks per year, meet local market demands, and contribute significantly to job creation,” he said.
The new hub in Hoskote will serve as a key node in Volvo’s global operations, joining the company’s existing manufacturing units in Peenya, Hoskote and Dharwad.