Eicher Motors buys U.S. firm for $2.5 million

Newswire

BOMBAY, May 25 (Reuters) - Indian commercial vehicle maker Eicher Motors Ltd. said on Wednesday its board had approved the acquisition of a U.S. engineering firm for $2.5 million. The board also approved the sale of Eicher's tractors and engine businesses to Tractors and Farm Equipment Ltd., a Madras-based firm, for 3.1 billion rupees, Ramesh Jain, managing director of Eicher's tractors unit, told Reuters. Shares in Eicher rose 10.8 percent to 357 rupees in a firm Bombay market.

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