Force Motors, an equal partner with MAN Trucks in the MAN Force joint venture with 50 percent share has decided to sell its stake to MAN Trucks and Bus AG for a sum of Rs. 1,050 crore. According to Mr. Abhay Firodia, Force Motors chairman, the company feels that MAN Trucks should be allowed to take the full lead. He added that the company will continue to supply parts and some critical aggregates to MAN Trucks.
Commenting on Force Motor’s decision, a MAN Truck and Bus spokesperson said, “It’s another step in enhancing our presence in the growing Indian market. We now have a good standing here.”
MAN Force’s plant in Pithampur, Madhya Pradesh is capable of producing 12,000 units annually but is currently operating at half the capacity. Currently, the annual sales on an average stand at 6,000.
