  We discuss basic features and new developments in recently proposed induced
gauge theory solvable in any number of dimensions in the limit of infinite
number of colours. Its geometrical (string) picture is clarified, using planar
graph expansion of the corresponding matrix model. New analytical approach is
proposed for this theory which is based on its equivalence to an effective
two-matrix model. It is shown on some particular examples how the approach
works.
  This approach may be applicable to a wide class of matrix models with
tree-like quadratic couplings of matrices.
  (This talk was presented on the International Symposium on Lattice
  Field Theory "LATTICE-92" in Amsterdam, the Netherlands, 15-19
  September 1992)
