Swedish heavy-vehicle maker Volvo said Friday it has completed a joint venture deal with Eicher Motors in India, following approval from regulatory authorities.

The Volvo Group, which does not include the Ford Motor Company- owned car division, was to pay 1.95 billion kronor (308 million dollars), the group said in a statement.

Part of the sum included expanding Volvo's current stake in Eicher Motors.

The joint venture includes Eicher Motors' truck and bus operations and the Volvo Group's Indian truck sales operations, a statement from Volvo said.

The groups inked a letter of intent in December.