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Eicher Motors

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For the German Eicher company, see Eicher tractor.

Eicher Motors Limited
Company typePublic
ISININE066A01013
IndustryAutomotive
Founded1948; 76 years ago (1948)
FounderVikram Lal
HeadquartersNew Delhi, India
Area served
Worldwide
Key people
Products
RevenueIncrease₹10,667 crore (US$1.3 billion) (2020)[1]
Decrease₹2,373.77 crore (US$280 million) (2020)[1]
Decrease₹1,827.44 crore (US$220 million) (2020)[1]
Total assetsIncrease₹12,449.72 crore (US$1.5 billion) (2020)[1]
Total equityIncrease₹9,980.93 crore (US$1.2 billion) (2020)[1]
OwnerSiddhartha Lal (49.28%)
Number of employees
4,899 (March 2020) [1]
Subsidiaries
Websitewww.eicher.in

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles, headquartered in New Delhi. Eicher is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles.

History

Eicher Truck in Eluru

Eicher Motors is a commercial vehicle manufacturer in India. The company's origins date back to 1948, when Goodearth Company was established for the distribution and service of imported tractors. In 1959 the Eicher Tractor Corporation of India Private Ltd was established, jointly with the Eicher tractor company, a German tractor manufacturer. Since 1965, Eicher in India has been completely owned by Indian shareholders. The German Eicher tractor was partly owned by Massey Ferguson from 1970, when they bought 30%. Massey Ferguson bought out the German company in 1973.

In 2005, Eicher Motors Ltd sold their tractors and engines business to TAFE Tractors (Tractors and Farm Equipment Ltd) of Chennai, the Indian licensee of Massey Ferguson tractors.[citation needed]

In October 1982, a collaboration agreement with Mitsubishi for the manufacture of light commercial vehicles (LCVs) was signed in Tokyo and in the same period the incorporation of Eicher Motors Limited also took place. LCVs were sold under the "Eicher Mitsubishi" brand. In February 1990, Eicher Goodearth bought 26% stake in Enfield India Ltd and by 1993 Eicher acquired a majority stake (60% equity shareholding) in Royal Enfield India.

In July 2008, Eicher Motors Limited (EML) and Volvo Group's formed a 50:50 joint venture called VE Commercial Vehicles (VECV) which designs, manufactures and markets commercial vehicles, engineering components and provides engineering design.

An Eicher multi-axle lorry

At present, Volvo Group owns 45.6% of VECV,[2] although there are 122 other institutional investors on record.[3] In 2020 VECV bought Volvo Buses India operations for ₹100 crores.[4]

Group structure

The Eicher Group has diversified business interests in design and development, manufacturing, and local and international marketing of trucks, buses, motorcycles, automotive gears, and components. Eicher has invested in the potential growth areas of management consultancy services, customised engineering, and maps and travel guides.

VE Commercial Vehicles (VECV) Limited is a joint venture between Volvo Group and Eicher Motors Limited. VECV is divided into five business units:[5]

  • Eicher Trucks and Buses
  • Volvo Trucks India
  • Eicher Engineering Components
  • VE Powertrain

Royal Enfield Motors, the motorcycle manufacturing subsidiary, is a part of Eicher Motors.

Vehicles

References

  1. ^ a b c d e f "BalSheet 31.03.2020".
  2. ^ "Annual and Sustainability Report 2016" (PDF). Volvo. p. 74.
  3. ^ "Eicher Motors Ltd - Institutional Ownership and Shareholders". Fintel.
  4. ^ Mishra, Lalatendu (13 August 2020). "Eicher Motor subsidiary to buy Volvo India's bus business for ₹100 crore". The Hindu. ISSN 0971-751X. Retrieved 9 January 2021.
  5. ^ "VE Commercial Vehicles Ltd". www.vecv.in.
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