World's second-largest bus maker, Volvo Bus Corp has said that it is planning to invest Rs. 400 crore in India. The company is aiming to achieve a target of $1 billion from the Indian market. The company generates about Rs. 1,000 crore from the Indian market and is aiming to increase it five times.

"We are quite bullish on the Indian market as Asia will account for 50 per cent of our market share by 2015. Our focus will be India and China," said Hakan Karlsson, president and chief executive, Volvo Bus Corporation. Karlsson also said that the company is aiming to sell 5,000 buses in India by 2015. He pointed out that the investment will be used to set up a research centre and for capacity expansion.

Karlsson claimed that Volvo controls a more than 50 per cent market share in the luxury bus segment in India. The Swedish company released new range of buses including city bus and coaches, designed for intercity travel. It will roll out "Asia Bus" specifically designed and developed out of India in order to cater to the growing need for transporting in the emerging Asian countries.