Calcutta, Nov. 6: The mining and construction equipment division of Volvo India will focus on leasing and entering into service agreements to fight the current economic downturn.

Volvo Construction Equipment India has grown just about 10 per cent in 2008 against 30-32 per cent previously, Mrityunjaya Singh, managing director of the company, said on the sidelines of the 9th International Mining and Machinery Exhibition (IMME) organised by the Confederation of Indian Industry here today.

The Swedish company has showcased electronically managed engines, hydraulic excavators, wheel loaders, haulers, graders and soil compactors at the IMME. The prices of these equipment range between Rs 20 lakh and Rs 2.5 crore .

According to Singh, Volvo has yet to decide on the launch of its financial services in India.