Mahindra, Ford announce joint venture; new entity expected to be operational by mid-2020

Mahindra & Mahindra will own 51 per cent stake in the joint venture and Ford will own the remaining 49 per cent.

HIGHLIGHTS

• The JV will be managed by Mahindra and its governance will be equally composed of representatives of both the carmakers.
• Ford will transfer its India operations to the JV, including its personnel and assembly plants in Chennai and Sanand.
• The JV expects to launch three new utility vehicles under the Ford brand, with the maiden introduction being a new midsize SUV.

Mahindra & Mahindra and Ford Motor Company have signed an agreement to create a Rs 1,925 crore joint venture (JV), with the Indian auto major having a 51 per cent stake in the new entity and the American auto giant owning the remaining 49 per cent.

The agreement will see Ford transferring its India operations to the JV, including its personnel and assembly plants in Chennai and Sanand. However, the carmaker will retain the Ford engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility.

SOURCE: Indiatoday