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Eicher, Volvo in deal
May, 23rd 2008
Commercial vehicle maker Eicher Motors will sell 8.1 per cent of promoters holding to Swedish bus maker Volvo to form a joint venture. The finance ministry has approved the FDI proposal from Volvo to invest $30 million (Rs 123 crore) for induction of foreign equity of up to 8.1 per cent by way of acquisition of shares. An Eicher spokesperson confirmed the development, saying the deal would be finalised once the closing agreement was signed.

RBI move

Mumbai, May 16: The RBI today relaxed norms for urban co-operative banks to undertake the business of distributing insurance products as corporate agents without risk participation. Urban co-operative banks with a minimum net worth of Rs 10 crore are permitted as corporate agents for insurance companies.

ICAI consent

New Delhi, May 16: The Institute of Chartered Accountants of India (ICAI) today approved the accounting standard for disclosure of losses and gains from investment in various market-linked instruments such as derivatives, mutual funds and government securities.

Power pact

Mumbai, May 16: Larsen & Toubro and US-based GE Energy have entered into a strategic partnership agreement that will focus on Indias power generation market.

RIM solution

New Delhi, May 16: Research In Motion (RIM) has assured the government that it will come up with a solution in a month that will enable the DoT to monitor email and data traffic running through the BlackBerry network.

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