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Govt approves Volvo's stake buy in Eicher
New Delhi, May 16 (UNI) Sweden-based Volvo's proposal to acquire 8.1 per cent of Eicher Motors Ltd has been approved by the Finance Ministry today.
Volvo had, in December, said it will take a stake in the country's third largest 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 the Rs 600 crore threshold, an official statement said here.
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Story first published: Friday, May 16, 2008, 19:02 [IST]
