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India Eicher unit inks MoU with Sweden-based Vinn Group
VE Commercial Vehicles (VECV), a subsidiary company of Eicher Motors (EML), today said it has signed a non-binding memorandum of understanding (MoU) with Sweden's Vinn Group to explore business opportunities in the field of engineering design services. The move is aimed at aligning VECV's engineering design services division along with EES Inc, US and the two subsidiaries in China (collectively referred to as EES Division), which currently contributes to around two per cent of VECV's consolidated revenues and around 1.7 per cent of EML consolidated revenues, a company statement said. The objectives of the MoU is to explore the alignment of EES Division of VECV with Vinn Group AB, through an efficient structure, it added. Vinn Group AB is a joint venture company between Vinn Group and Volvo Technology Transfer AB (VTT), a wholly owned subsidiary of AB Volvo. -- (UNI) -- 04DC12.xml
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