Force Motors exits JV with MAN
To sell 55,797,100 equity shares for 150 million Euros
By Autocar Pro News Desk
3919 Views
Force Motors has exited the M&HCV manufacturing with German commercial vehicle major MAN. The company has announced it will sell and transfer 55,797,100 equity shares of Man Force Trucks Private Limited (MFTPL) to MAN, for a consideration of a hundred and fifty 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.
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