Greater Manchester Police said they responded to reports of an attack on Atherton Road in Hindley, three miles east of Wigan, in Greater Manchester, at about 10.30am on Saturday.
Several ambulances were called the scene and the women, both believed to be in their 20s, were taken to hospital, a North West Ambulance Service spokeswoman told PA news agency.
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One woman remains in hospital with serious injuries while the other woman, who suffered minor injuries, has been discharged.
In a statement, police said this morning that enquiries into the incident are ongoing.
The incident is not being treated as terror-related and officers are not looking for anyone else in connection with the incident, police said.
The road was reopened at 2pm.
Additional reporting by PA