Mumbai, March 20 (IANS) Rolls-Royce Power Systems and Pune-based vehicle manufacturer Force Motors on Tuesday entered into an agreement to form a joint venture.
Force Motors will hold a 51 per cent stake in the JV, while Rolls-Royce Power Systems will have a 49 per cent stake.
“The new joint venture will be named ‘Force MTU Power Systems Pvt. Ltd.’ and is to produce MTU’s renowned 10 and 12-cylinder series 1600 units with power outputs from 545 to 1050HP (400 to 800 KWm),” a statement said.
“Series 1600 engines are particularly suitable for power generation and rail underfloor applications. Besides manufacturing Series 1600 units, the JV will also build Series 1600 generator sets for the Indian and global markets.”
The statement added that overall, the two parties are investing more than 40 million euros (Rs 300 crore) in the JV in proportion to their respective stakes.