Force Motors to sell stake

India’s Force Motors said it will sell its 14% stake in its joint venture (JV) with German carmaker Man Nutzfahrzeuge for Rs3 billion (US$62.7 million), triggering as much as a 20% surge in its shares. The domestic auto components maker would offload stakes totaling 20% in the JV, Man Force Trucks, with the remaining shares to be sold through a rights issue. Force Motors and the German firm started the JV in 2006, to manufacture heavy commercial vehicles. Subject to the necessary approval, the share ownership of the JV company will be 50-50. (December 4, 2008)