Force Motors exits MAN FORCE Trucks

Force Motors on Wednesday said it exited from its joint venture with Germany's MAN Truck & Bus AG to make commercial vehicles in India by selling its stake for euro 150 million (over Rs.1,000 crore). “Force Motors, on receipt of all permissions and on completion of all conditions precedent, on Wednesday sold and transferred 5.58 crore equity shares of Rs.10 each of MAN FORCE Trucks to MAN for a consideration of euro 150 million,” the domestic company said in a filing to the BSE. In 2006, Pune-based Force Motors and MAN Truck & Bus had formed a joint venture — MAN FORCE Trucks Pvt. Ltd. (MFTPL) — to produce heavy commercial vehicles. Keywords: Force Motors, Man Force trucks, commercial vehicles