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Competition Commission gives nod for M&M, Ford Motor joint venture

In October last year, M&M said it would buy 51 per cent stake in Ardour Automotive Pvt Ltd for around Rs 657 crore

Press Trust of India  |  New Delhi 

joint venture, mergers
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The Competition Commission has approved Mahindra & Mahindra's acquisition of majority stake in a wholly-owned subsidiary of Co, which will create a joint venture in the country.

In October last year, M&M said it would buy 51 per cent stake in Ardour Automotive Pvt Ltd for around Rs 657 crore.

In a tweet on Monday, the Competition Commission of India (CCI) said it has approved "formation of JV between Mahindra & Mahindra and and transfer of automotive business of Ford India to the JV".

The remaining stake of 49 per cent in Ardour Automotive would be held by Co and/ or any of its affiliates.

The new venture would acquire the automotive business of Ford India Pvt Ltd (FIPL), a wholly-owned subsidiary of Ford Motor Co.

The automotive business includes vehicle manufacturing plants of Ford India in Chennai and Sanand.

First Published: Mon, February 10 2020. 20:39 IST
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