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Foton to raise stake in diesel engine JV with Cummins

From XFN-ASIA | August 05 , 2008 08:46 BJT

Beiqi Foton Motor Co Ltd (SHA 600166) said it has agreed to buy an additional 12.55 pct of Beijing Foton Cummins Engine Co Ltd from its affiliate Beijing Foton Environment-Friendly Engine Co Ltd for 126.52 mln yuan.

Foton Cummins Engine, which has registered capital of 1.008 bln yuan, is a joint venture with Cummins Inc (NYSE: CMI). Cummins and its wholly-owned unit Cummins (China) Investment Co hold 10 pct and 40 pct respectively in the joint venture.

After the deal, Beiqi Foton will boost its stake in the venture to 50 pct, it said in a statement filed with the Shanghai Stock Exchange.

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