Report – Iveco, Paccar eyeing entry into India
Posted on: Dec 13, 2013 - 9:54am IST
Italian truck maker Iveco is keen to enter the Indian commercial vehicle market, reports the Economic Times. Also on the lookout for opportunities to enter India is US truck maker Paccar, says the report.
Paccar designs, manufactures and sells light, medium and heavy trucks across the world under the Kentworth, Peterbilt and DAF brands, while Iveco falls under the Fiat group of automobiles and has a strong foothold in Europe.
Paccar had, at the 2012 Auto Expo expressed its desire to enter the Indian market, adding that it will tap the Indian component manufacturing industry as a sourcing hub. The Washington-based company also has a technical centre in Pune where it designs and develops solutions for its global operations.
On the other hand, Iveco is evaluating the industry to make an entry by its own, after an abandoned attempt to enter the market by partnering local truck maker AMW in 2010.
The Indian commercial vehicle market has been a sponge for multi-national truck makers in the last decade with manufacturers streaming in one after the other to tap the latent market here. Irrespective of the fact that the CV industry hasn’t seen even a single decimal of growth in almost two years now, truck makers are confident of the long term prospects of the Indian market.