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
- U.S. nurse quarantined over Ebola calls treatment "frenzy of disorganization"
- Wall Street finally turning on Amazon as Bezos magic fades
- Former Cream frontman Jack Bruce dies aged 71
- São Paulo running out of water as rain-making Amazon vanishes
- Iraqi security forces and Kurds gain ground against Islamic State
The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article