It was in August 2014 that Force Motors made headlines when the Bajaj group sold around three fourth of its stake (16%) in the Firodias-owned company. But in the interview following the news, the more interesting comment came from the chairman (Abhay Firodia) that, in addition to hiking the family’s stake by 9%, the company was planning to incur a capex of ₹1,000 crore in three years mostly from internal accruals. This was surprising given that the-then market cap of the company was close to ₹1,000 crore and the only notable pile on its books was the ₹200 crore that it received from its stake sale in MAN Force Trucks JV in 2012.
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