India’s Force Motors has said that it will sell up to a 14.5% stake in its joint venture with German truckmaker MAN for about 3 billion rupees.

MAN will acquire additional equity in the joint venture to increase its stake to 50%, via a rights issue for up to 2.5 billion rupees.

Force Motors currently holds 70% stake in the JV, Man Force Trucks Pvt Ltd, while MAN holds the rest.

The joint venture – already producing trucks – will start designing and make trucks and bus chassis over the next few months to widen its presence in the Indian market.