From the XLRI blog:

Faculty Exchange: AIM and XLRI will exchange at least 2 faculty members per academic year.
Joint Executive Development Programs: AIM and XLRI agree to jointly design, market, and conduct short-duration executive development programs in 3rd countries—especially in the Asian region.
Joint Research: AIM and XLRI agree to identify research themes of international, particularly Asian, relevance
Case Development: AIM and XLRI agree to launch a concerted drive to develop Asia-based cases and, thereafter, publish jointly a compilation on an annual basis.
XAT: In order to attract Indian applicants for admission, AIM agrees to join the group of business schools that accept XAT
Joint Management Journal: AIM and XLRI agree to jointly launch a new, international-class management journal by January 2010.
Student Exchange: AIM and XLRI agree to continue student exchange as per the agreement signed between them earlier on December 13, 2004.