Force Motors to sell stake in Man Force Trucks Pvt Ltd

Force Motors Ltd has announced that the Board of Directors of the Company at its meeting held on December 01, 2006, has decided to sell and transfer 3,00,00,000 equity shares of Rs 10 each of Man Force Trucks Pvt Ltd, a Subsidiary Company, to Man Nutzfahrzeuge AG, Munich Germany, for Rs 56,00,00,000, subject to receipt of necessary approvals.

Further the Company has informed that, Man Force Trucks Pvt Ltd is a Joint Venture Company established by the Company with Man Nutzfahrzeuge AG to implement the project of manufacture and sale of Heavy Commercial Vehicles.

Source : Equity Bulls

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