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
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- UPDATE 3-Rebels likely downed Malaysian jet 'by mistake' -U.S. officials
- Rebels likely downed Malaysian jet 'by mistake' - U.S. officials
- Analysis - Argentine default in balance as government refuses to capitulate
- Italy gives Google 18 months to change data use practices
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank on continued foreign-investor buying, while higher Asian shares also helped sentiment. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article