Force Motors, headed by Abhay N. Firodia, Chairman, will exit from Man Force Trucks or MFT, its five-year-old joint venture with Germany's MAN Truck & Bus AG, or MAN. Force Motors will sell 55.8 million equity shares to Porsche Automobil Holding SE for Rs 1,076.5 crore. The sale is likely to be completed before the year-end. However, Force Motors will continue to supply components for MAN Cargo Line A, or CLA, trucks, which are sold in India, as well as exported. There will be no change in the marketing and distribution network as well. MAN will now assume complete responsibility for production and sale of MAN CLA trucks in India and outside. Force Motors, which had reduced its stake in the JV to 50 per cent in 2008 from 70 per cent initially, decided to exit following differences over future product portfolio, as well as low sales of MAN CLA trucks in India due to their high prices.
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