VECV divests entire stake in US subsidiary to Spanish firm

VE Commercial Vehicles, the 50:50 joint venture between Eicher Motors and the Volvo Group, has divested the entire stake in its US-based subsidiary to Spain's SegulaTecnologias Espana for USD 1.85 million.

The company has sold 100 per cent shares in its wholly-owned subsidiary Eicher Engineering Solutions Inc to to SegulaTecnologias Espana, VE Commercial Vehicles Ltd (VECV) said in a statement.

The total enterprise value of this deal is USD 1,852,000, it added.

"This divestment is part of VECV's focused plans towards driving modernisation in commercial transportation in India and the developing world," VECV MD and CEO Vinod Aggarwal said.

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.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)