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June 4, 2015 10:15 AM, EDT

Volvo Sells Remaining Stake in India’s Eicher Motors

Prashanth Vishwanathan/Bloomberg News

Volvo Group sold its remaining holdings in the Indian automotive and truck manufacturer Eicher Motors Ltd., the OEM said June 4.

The sale of just over 1 million shares was worth about $265 million. Volvo sold 1.3 million shares of Eicher in March for about $300 million.

Volvo said the divestment will have no effect on ownership or development of its long-standing joint venture with Eicher, VE Commercial Vehicles.

Sweden-based Volvo, which makes Volvo and Mack brand trucks in North America, said the sale will generate a second-quarter capital gain for its trucks unit.