Germany's MAN to be 50:50 partner in Force Motors JV
MUMBAI (Reuters) - Force Motors Ltd said on Wednesday it would sell up to 14.50 percent stake in its auto components joint venture with German truckmaker MAN for about 3 billion rupees, sending the former's shares up.
MAN would acquire additional equity in the joint venture to increase its stake to 50 percent, via a rights issue for up to 2.5 billion rupees.
Force Motors currently holds 70 percent stake in the JV, MAN Force Trucks Pvt Ltd, while the German firm holds the rest.
The joint venture would start designing and make trucks and bus chassis over the next few months to widen its footprint in the Indian market.
Shares of Force Motors were up 20 percent at 74.40 rupees, their maximum daily limit, in the Mumbai market.
- Tweet this
- Share this
- Digg this
- UPDATE 4-JetBlue flight makes emergency landing at California airport, 4 hurt
- Scots independence polls close, UK's future in the balance
- UPDATE 1-Microsoft lays off 2,100, axes Silicon Valley research
- UPDATE 2-Two small Russian banks taken off Canada sanctions list
- UPDATE 2-Russia approves tough budget as sanctions restrict growth
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article