Force Motors (formerly Bajaj Tempo) in joint
venture with Germany's commercial vehicle company Neoman Bus Group is planning to
set up manufacturing unit for luxury buses and low-floor city buses.
The project will entail an initial
investment of Rs.530 crore. Force Motors will hold 70 per cent in
the yet-unnamed joint venture, with Neoman owing the rest.
The company aims to produce 4,000
buses a year, each costing Rs.40 lakh and will export the vehicles to Asian and
African countries.
The two companies had earlier
established a separate joint venture Man Force Trucks Ltd for manufacturing
heavy trucks at Pune. The plant will start production very soon, with a
capacity of 24,000 vehicles a year.
Also See:
Man
Force Trucks: Inauguration of new unit soon (13-Mar-06)