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Ford to form joint venture with Mahindra & Mahindra valued at $275 mn

The two companies have for months been negotiating the deal


Ford, M&M

Motor Co and Mahindra & Mahindra will form a joint venture company in India valued at $275 million that will develop, market and distribute branded vehicles in the country, the two said on Tuesday.

The two have for months been negotiating the deal, which will see hold a 49% stake in the new entity, while Indian rival Mahindra will own 51%, Reuters reported in April.

By shifting to a joint venture, Ford is changing its India strategy where it has long run an independent operation. India's auto market is dominated by Asian automakers like Suzuki Motor Corp and Hyundai Motor Co.

First Published: Tue, October 01 2019. 17:29 IST