From correspondents in Stockholm County, Sweden, 08:02 PM IST

Swedish heavy-vehicle maker Volvo said Friday it has completed a joint venture deal with Eicher Motors in India, following approval from regulatory authorities.

The Volvo Group, which does not include the Ford Motor Company-owned car division, was to pay 1.95 billion kronor ($308 million), the group said in a statement.

Part of the sum included expanding Volvo's current stake in Eicher Motors.

The joint venture includes Eicher Motors' truck and bus operations and the Volvo Group's Indian truck sales operations, the statement said.

The groups inked a letter of intent in December.

(Staff Writer, © IANS)