Force Motors approves binding arrangements with Man Trucks India
The Board of Force Motors has accepted the proposal received from MAN Trucks India in respect of sale and transfer of certain assets, being immovable properties, movable properties and other assets of intangible nature, situated and being used by MAN Trucks India, at its plant at Pithampur District Dhar, Madhya Pradesh.
This arrangement is being recorded by binding agreements. The arrangement would be subject to receipt of necessary approvals, the company said in the filing.
It is expected that the actual transfer is to occur, subject to above, by end October, 2018 or as may be agreed between the Company and MAN Trucks India Private Ltd, it added.
Shares of Force Motors Ltd is currently trading down 0.35% at Rs2,547.05 from its previous closing of Rs2,555.90 on the BSE.
The scrip opened at Rs2,563.40 and has touched a high and low of Rs2,589 and Rs2,547 respectively.
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