MAN Truck and Bus AG has announced the buyout of its joint venture partner Force Motors, thus gaining control over the Pune-based MAN FORCE TRUCKS for about €150 million.
The Pune-based joint venture, founded in 2006, makes around 4,000 heavy MAN CLA trucks a year for the Indian and export markets. The products range from chassis to tippers for the construction industry and semitrailer tractors for long-haul transport. With its level of equipment, comfort and safety, and thanks to its quality production as a premium truck, the MAN CLA enjoys a leading position in the developing markets.
In a press release posted on its website, MAN Truck and Bus has said that the investment underlined the significance of the Indian market in the context of the group’s BRIC (Brazil, Russia, India, China) strategy.
“In the last few years we have greatly benefited from the experience of our partner FORCE Motors; its knowledge of the Indian market and its long-standing links to local suppliers have been a great help to us as we built up our activities in India. Now we want to and will expand this business on our own,” explained Dr. Georg Pachta-Reyhofen, CEO of MAN SE and MAN Truck & Bus AG.
Back in 2008 MAN Truck & Bus increased its holding in MAN FORCE TRUCKS from 30 to 50 percent by paying Force Motors €49 million.