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Last Updated : Feb 10, 2020 09:07 PM IST | Source: PTI

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

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

 
 
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The Competition Commission has approved Mahindra & Mahindra's acquisition of majority stake in a wholly-owned subsidiary of Ford Motor 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 Ford Motor and transfer of automotive business of Ford India to the JV".

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The remaining stake of 49 per cent in Ardour Automotive would be held by Ford Motor 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.

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First Published on Feb 10, 2020 09:05 pm
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