|Headquarters||New Delhi, India|
|Revenue||₹10,667 crore (US$1.3 billion) (2020)|
|₹2,373.77 crore (US$300 million) (2020)|
|₹1,827.44 crore (US$230 million) (2020)|
|Total assets||₹12,449.72 crore (US$1.6 billion) (2020)|
|Total equity||₹9,980.93 crore (US$1.2 billion) (2020)|
|Owner||Siddhartha Lal (49.28%)|
Number of employees
|4,899 (March 2020) |
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.
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.
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, EML and Volvo Group's 50:50 joint venture VE Commercial Vehicles (VECV) designs, manufactures and markets commercial vehicles, engineering components and provides engineering design.
At present, Volvo Group owns 45.6% of VECV, although there are 122 other institutional investors on record. In 2020 VECV bought Volvo Buses India operations for ₹100 crores.
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 (EML). VECV is divided into five business units:
Royal Enfield Motors, the motorcycle manufacturing subsidiary, is a part of Eicher Motors.