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News - Auto

  • Merrill Lynch offloads stake in Autoline Ind (Live mint.com 10th Dec 2007) Foreign fund house Merrill Lynch Capital said on 10 December it has offloaded its stake in auto ancillary company Autoline Industries, bringing it down to 2.66%, at about Rs1.65 crore.
    Merrill Lynch Capital Mkt Espana SA SV has sold 95,000 shares amounting to 0.92% in the firm on 6 December, through open market transaction, Autoline said in a disclosure to the Bombay Stock Exchange.
    Calculated on the basis of the closing share prices of Autoline Industries on 6 December, the deal value amounts to Rs1.65 crore.
  • Volvo to set up heavy vehicles JV with Eicher (The Economic Times 10th Dec 2007) World number two truck maker Volvo said on Monday it had signed a letter of intent to set up a new truck and bus joint venture with Eicher Motors Ltd. Volvo said in a statement it would acquire an 8.1 per cent stake in Eicher to give it a direct and indirect ownership of 50 per cent in the joint venture. Under the deal, the joint venture would include Eicher's entire truck and bus operations while Volvo would add its sales operations for trucks in India, valued by the firm at $75 million, and $275 million in cash.
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