Shares of commercial vehicle maker Force Motors today rose by over 3 per cent after the company said it has tied up with Rolls Royce Power Systems to set up a joint venture to manufacture engines for multiple applications.
The stock jumped 3.32 per cent to close at Rs 4,223.85 on BSE. During the day, it gained 5.18 per cent to Rs 4,300.
In terms of equity volume, 2.42 lakh shares of the company were traded on BSE during the day.
Under the partnership, the Pune-based firm will set up a a dedicated manufacturing facility meeting the standards and specifications laid down by Rolls Royce at Chakan near Pune.
"It is a matter of great pride and satisfaction that Rolls Royce Power Systems has decided to partner with Force Motors for manufacture of engines for their rail and power generation systems," Force Motors Managing Director Prasan Firodia said in a statement.
The joint venture will produce complete power generation systems, including associated spare parts for Indian as well as global markets.
The company, however, did not share financial details.