VECV divests stake in US subsidiary

Volvo Eicher Commercial Vehicles (VECV) has divested its entire stake in its US-based subsidiary. Eicher Engineering Solutions, to Spain’s SegulaTecnologias Espana for a sum of USD 1.85 million. The company has sold 100 per cent shares in its subsidiary to the Spanish company. According to Vinod Aggarwal, MD & CEO, VECV, the divestment is part of VECV’s plans to drive modernisation in commercial transportation, both in India and globally. The company’s immediate business outlook, he said, continues to be positive. “We remain firmly on track with all our strategic plans and initiatives,” mentioned Aggarwal.