Bengaluru, Feb. 14 -- Volvo Group, the Swedish commercial vehicle manufacturer, announced on Thursday a significant expansion of its operations in Karnataka, India, with a fresh investment of Rs 14,000 crore (approximately USD 1.7 billion).

The company signed a Memorandum of Understanding with the Karnataka government to establish its fourth international manufacturing hub near Hosakote, Bengaluru.

The agreement was finalised in the presence of Karnataka Chief Minister Siddaramaiah, Industries Minister M B Patil, and Volvo India Managing Director Kamal Bali.

The expansion will dramatically increase the Hosakote facility's production capacity from 3,000 to 20,000 trucks and buses annually. This enhanced capacity will serve both domestic...