Monday
October 7
2019

Ford Announces $275 Million Joint Venture With Mumbai-Based Mahindra

By Michael Wayland

Ford Motor has agreed to sell 51% of its business in India to Mahindra & Mahindra, one of the largest auto manufacturers in the country.

The Dearborn automaker announced the sale Tuesday as part of a $275 million joint venture with the Mumbai-based company that will develop, market and distribute Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in “high-growth emerging markets around the world,” according to Ford.

As part of the deal, Ford said it will transfer its India operations to the joint venture, including its personnel and assembly plants in Chennai and Sanand. The automaker will retain an engine plant in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility in the country. Ford employs roughly 14,000 people in India.

Photo courtesy of RL GNZLZ.

Source: CNBC (link opens in a new window)

Tags
electric vehicles, emerging markets