Force Motors announces JV with Rolls-Royce to produce engines; shares jump 5%
Force Motors announced a joint venture with Rolls-Royce to produce engines in India.
- Force Motors announced that it has partnered with Rolls-Royce
- To form a joint venture company to produce engines
- Shares of Force Motors rose by 5% after the announcement of the JV
Force Motors on Tuesday announced that it has partnered with Rolls-Royce to form a joint venture company to produce engines. Shares of Force Motors rose by 5% after the announcement of the JV with Rolls-Royce.
The shares of Force Motors was trading up 3.96% or Rs 161.85, at Rs 4,250 per piece at 12:39 hours on BSE.
The company in a statement filed with BSE said that it has entered into a non-binding term sheet with Rolls-Royce Power Systems AG to form an Indian Joint Venture company producing engines.
However, these engines are for power generation and rail application. The JV company will also work on complete power generation systems, including associated spare parts for Indian and global markets.
For this, Force Motors plans to build a dedicated facility under this joint venture at its existing premises at Chakan, Pune.