Industry Profile

Eicher Motors Limited (EML) incorporated in 1982, is an Indian automaker company based in

Gurgaon, India. Eicher Motors Limited (EML) is the flagship company of the Eicher Group,

which was a catalyst in the green revolution in India with the production of India’s first

agricultural tractor in 1959. EML is now a leading player in the Indian automotive space. Its 50-

50 joint venture with the Volvo group, VE Commercial Vehicles Limited, designs, manufactures

and markets reliable, fuel-efficient trucks and buses; and is leading the path in driving

modernization in commercial transportation in India and other developing markets. Eicher

Motors also owns the iconic Royal Enfield motorcycle business, which leads the premium

motorcycle segment in India. The oldest motorcycle company in continuous production world-

wide, Royal Enfield has witnessed a huge surge in demand in the recent past, and is charting its

course to be the leading player in the mid-size motorcycle segment globally. EML’s 50:50

strategic joint venture with US based Polaris Industries Inc., Eicher Polaris Private Ltd. is in

start-up phase, and is currently designing and developing, and will soon manufacture and sell a

full new range of personal vehicles. In 2013, Eicher Motors recorded its highest ever total

income of INR. 7,400 crores (USD 1.2 billion) and is listed on the Bombay and National Stock

Exchanges.

Eicher Motors Limited is well poised to succeed in today’s dynamic business environment. With

a break-through Market Business Model that combines 50+ years experience in the automotive

industry and best in class capital optimization, established corporate governance and strong value

set; the Eicher group is committed to build strong foundations across all operational parameters

and create a differentiated pipeline of new products which will fuel growth in the years to come.

Vision

To be recognised as the industry leader driving modernization in commercial transportation in

India and the developing world.

Mission

VECV aims to continuously improve transportation efficiency in India and developing markets,

thereby reducing logistics costs for goods and people – leading to higher enablement of

specialisation in manufacturing, agriculture and services, thereby increasing the nation’s

economic activity and productivity.

We choose to do this in a sustainable manner by having the safest, most durable and

efficient products in the market;

We care for our customers holistically by offering not just trucks and buses, but also the

best service and soft products to enable him to be most profitable;

We work with the driver community to enhance their productivity and overall working

environment;

We ensure a level of quality and innovation that will continue to set standards in the

commercial transportation industry;

We work with professionalism, passion and the greatest respect for all individuals.

Going Forward

VECV aims to emerge as an Industry leader in driving modernization in commercial vehicle

transportation in India and the developing world by bring about improvement in transport

efficiencies.

In the near course, VECV will strengthen each of its product brands as leaders in their respective

segments through innovative products and expansion of its existing network spanning the

geographical expanse of the country.

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 Limited is a 50:50 joint venture between the Volvo Group (Volvo) and

Eicher Motors Limited (EML). It is a partnership that brings together Global leadership in

technology, quality, safety and environmental care, along with the deep knowledge and

understanding of the Indian Commercial Vehicle (CV) market. VE Commercial Vehicles Ltd.

(VECV) owes its inception to the compelling intent of driving modernization in commercial

transportation, in India and other developing markets

VECV is divided into five business unit.

Eicher Trucks and Buses - The E Series

Volvo Trucks India - The VE Series

Eicher Engineering Components

Eicher Engineering Solutions

VE Powertrain.

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

Milestones

A journey, spanning over five decades, Eicher has come a long way. These rewarding times saw

the company grow, diversify, acquire, amalgamate, consolidate and expand; winning hearts and

trust of clients, dealers/distributors and shareholders alike.The path pursued has been illuminated

with landmarks and milestones, which stand as an edifice saluting our achievements. These

milestones can be divided into 3 phases.

Initial Phase

1948 : Goodearth Company set up to sell and service imported tractors

1957 : Goodearth Company imported and sold about 1500 tractors in India

1958 : Eicher Tractor Corporation of India Ltd. Incorporated

1959 : First indigenous Eicher tractor built

1959 : Eicher came out with India’s first indigenously built tractor from its Faridabad factory

1960 : Eicher changed name from Eicher Tractor Corporation of India Pvt. Ltd. to Eicher

Tractors India Ltd.

1975 : 100% indigenization achieved in Eicher Tractors

Mid Journey

 

1980 : Eicher Goodearth Ltd. name given to Eicher

1982 : Collaboration agreement with Mitsubishi for the manufacture of Light Commercial

Vehicles signed in Tokyo by October.

1982 : Incorporation of Eicher Motors Ltd.

1985 : Silver Jubilee Year for Eicher

1986 : Eicher Motors Ltd. springs into operation

1987 : Eicher Tractors went public

More Recent

1990 : Eicher Goodearth buys 26% equity stake in Enfield India Ltd by month of February.

1991 : ECS launched Eicher takes over Ramon & Demm (Extended Cargo Scheme )

1992 : Eicher Tractors Ltd. selected as ‘Company of the Year’ for 1990-91 in the four-wheeler

category comprising commercial vehicles, passenger cars, jeeps and tractors.

1993 : Eicher adopts new identifier.

1993 : Eicher acquires majority stake in Enfield India (60% equity shareholding)

1994 : Eicher Motors Ltd. ends the technical assistance agreement with Mitsubishi after a

successful transfer of technology and achieving total indigenization.

1994 : Enfield India Ltd. changed its name to Royal Enfield Motors Ltd.

1996 : Eicher Tractors Ltd. amalgamated with Royal Enfield Motors to form Eicher Ltd.

2001 : Eicher Motors Ltd. has disinvested the businesses of tractors and engines to TAFE Motors

& Tractors Ltd. (TMTL)

2008 : Volvo Group and Eicher Motors Ltd. established VE Commercial Vehicles Limited

(VECV)

2010 : The company launched the VE-series of Heavy Duty trucks

EML Board

Siddhartha Lal ( MD & CEO, EML )

S. Sandilya ( Chairman, EML )

M. J. Subbaiah ( Independent Director, EML )

Priya Brat ( Independent Director, EML )

Prateek Jalan ( Independent Director, EML )

EML Management

Siddhartha Lal ( MD & CEO )

EMLLalit Malik (CFO, EML )

B Govindarajan ( COO, Royal Enfield )

Other services

Apart from EML, the Eicher Group also includes Eicher Goodearth Pvt Limited with business

interests in non-automotive areas. Eicher Goodearth Pvt Limited comprises of high end lifestyle

Goodearth Stores, Eicher Maps and Eicher Goodearth Publications that publishes travel guides.