Reuters
New Delhi: Finance Minister P Chidambaram has approved a proposal from Sweden’s Volvo to acquire 8.1% stake in 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 Rs6 billion ($140 million) threshold, a government statement said.