Scania denies a JV in india is near closed
An Indian newspaper said Swedish commercial vehicle maker Scania is close to finalizing a joint venture with Indian auto parts maker Jay Bharat Maruti Ltd but Scania said the report was wrong.
The Mint newspaper, citing a source familiar with the development, said the venture would make a range of buses in India to be available in the next 18 months.
A Scania spokesman said the report was "completely without any basis".A spokesman for Jay Bharat could not immediately reach.
Global commercial vehicle makers are targeting India, where the market has grown by about a fifth on average annually over the last three years, and is forecast to expand further with improving infrastructure and new emission and safety rules.
Scania sells its heavy-duty trucks in India through a joint venture with engineering firm Larsen & Toubro Ltd.
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