VE Commercial Vehicles divests entire stake in Eicher Engineering Solutions to Segula for $1.85 mn

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NEW DELHI: VE Commercial Vehicles, the 50:50 joint venture between Gurgaon-based Eicher Motors and the Volvo Group, on Saturday said it has divested its entire stake in Eicher Engineering Solutions USA to Spanish corporation Segula Tecnologias Espana for $ 1.85 million.

VE Commercial Vehicles has sold 100% of its shares in its wholly-owned subsidiary.

Commenting on the development Vinod Aggarwal, managing director and chief executive officer, VE Commercial Vehicles, said, “This divestment is part of VECV’s focused plans towards driving modernisation in commercial transportation in India and the developing world.”

The company’s immediate business outlook continues to remain positive and the firm remains on track with all its strategic plans and initiatives, he added in a statement.