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India finmin approves Volvo stake buy in Eicher
Posted by Yogesh on Friday, 16 May, 2008
NEW DELHI, May 16 (Reuters) – India’s finance minister on Friday approved a proposal from Sweden’s Volvo to acquire 8.1 percent of India’s Eicher Motors Ltd.
The world’s No.2 truck maker said in December it would take a stake in India’s third-biggest truck maker and form an equal joint venture in the world’s fifth-largest market for trucks.
The proposal will now be referred to a cabinet panel on economic affairs, as it is above a 6 billion rupee ($140 million) threshold, a government statement said. — according to Reuters
