Ford announces $275 million joint venture with Mumbai-based Mahindra [CNBC]
Ford Motor Company (F)
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Source: CNBC
Ford announces $275 million joint venture with Mumbai-based Mahindra DETROIT – Ford Motor Mahindra & Mahindra 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 Services unit, Ford Credit and Ford Smart Mobility in the country. Others have included investing in startups such as Rivian "Strong alliances like this play a crucial role in assuring we continue to achieve our vision while at the same time staying competitive and delivering value to our global stakeholders," Hackett said in a release Tuesday. Ford
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