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.
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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.
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By GlobalData
