Ford hands over the wheels to M&M in $275 million deal for India JV

Ford will transfer India automotive assets to new entity; deal likely to be finalised by mid-2020.


Ford Photo: Reuters

Promit MukherjeeAditi ShahReuters Mumbai and New Delhi
Ford Motor Co and Mahindra & Mahindra will form a joint venture in India valued at $275 million to produce and sell vehicles in the country and export to emerging markets, the two companies said on Tuesday.

The two companies have for months been negotiating the deal which will see Ford take a 49 per cent stake in the new entity and end most of its independent local operations in the country, Reuters reported in April.

Under the terms of the deal, which is likely to be finalised by mid-2020, Ford will transfer its local automotive assets, including both its car manufacturing plants in the country, and employees to the new entity, the companies said in a statement.

First Published: Oct 01 2019 | 7:54 PM IST

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