Pune-based Force Motors is selling stake in the joint venture company MAN Force Trucks to its partner MAN Truck and Bus AG for Euro 150 million.
The MAN Force Trucks joint venture engaged in manufacture of heavy commercial vehicles.
"Force Motors and MAN Truck and Bus AG, Munich, have arrived at an in principle agreement, to reorganize their shareholding in the equity share capital of MAN Force Trucks Pvt Ltd...Subject to receipt of necessary approvals, Force Motors will sell and transfer 55,797,100 equity shares of MAN Force Trucks to MAN for a consideration of Euro 150 million," the company said on Monday.
Force Motors said both it and MAN will continue to co-operate with each other, and with MAN Force Trucks, based on the new contractual arrangement being agreed.
Force Motors shares closed up 0.2% at Rs 501 on BSE on Monday.
