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Force Motors in a notice put out on the BSE has completed the transfer of 5.5 crore equity shares to Man Truck & Bus AG (MAN) for Euro 150,000,000 (Rs 1,041 crore). The 5.5-crore shares were of the erstwhile MAN FORCE Trucks Pvt Ltd, a joint-venture between Force Motors and MAN. The split of the joint venture was announced in November 2011.
In 2003, Force Motors, with plans for a project to develop new generation heavy commercial vehicles, had tied up with Munich-based MAN. The agreement was for the sourcing of technology from the German company. In 2006, the project was turned into a joint-venture between the two companies, with 30 per cent equity with MAN. MAN’s shareholding went up to 50 per cent in 2008. However, the joint venture did not live up to expectations and eventually led to Force’s exit from the JV.
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