Ford forms Joint Venture with Mahindra for India business
Ford Motor Co and Mahindra & Mahindra will form a joint-venture company in India valued at $275m (about R4.2bn) that will develop, market and distribute Ford-branded vehicles in the country, the two companies said on Tuesday.
The companies have for months been negotiating the deal which will see Ford 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 strategy in a country where it has long run an independent operation. India's car market is dominated by Asian firms such as Suzuki and Hyundai.