Force Motors exits JV with MAN
To sell 55,797,100 equity shares for 150 million Euros
The Force-MAN JV was set up in 2003, with Force Motors holding a 70 percent stake. In 2008, the partners revised the stake holding to 50:50. With the new move, Force Motors stake is expected to retain a very small stake in MFTPL.
The revenue gained from the stake sale will add to Force Motors’ ability to invest in its newly formed passenger vehicle business. Force One -- the company’s first SUV went on sale in October. It will launch a new MPV in 2012.
MAN trucks sell around 400 units a month. The German CV maker also plans to enter the Indian bus market.
RELATED ARTICLES
Uniproducts India targets 15% growth till FY2027, eyes new EV OEMs for NVH parts
The Noida-headquartered company, which is a leading manufacturer of roof liners, floor carpets, sound insulation materia...
Ford to build more EV software capability at Chennai tech hub
Ford Business Solutions India, which currently employs 12,000 personnel set to add 3,000 more; Ford, which is known to b...
ASK Automotive to set up JV with Aisin to sell aftermarket parts for cars
Ask Automotive will have 51% of the equity of the joint venture to be set up with Aisin Asia (Thailand) Company and Aisi...