Volvo Group said it had sold its remaining holding in listed Indian commercial vehicle maker Eicher Motors.

The sale was 1,005,610 shares valued at SEK 2.2bn.

"The divestment of shares has no effect on ownership or the development of the long-standing joint venture, VE Commercial Vehicles," Volvo said in a statement.

The sale would positively affect the group’s cash flow after net investments and net financial debt in a corresponding amount in the second quarter of 2015. The sale would also generate a capital gain of SEK 2.1bn which will affect trucks segment second quarter 2015 operating income.

Last 4 March, Volvo sold 1,270,000 Eicher shares worth SEK 2.5bn.

Since 2008, VECV has been owned by EML and the Volvo Group and is currently the third largest manufacturer of commercial vehicles in India.

Volvo sees India as a key market and will continue to focus on developing and strengthening VECV as part of the group’s strategy to expand in Asia and in other emerging markets.