Ford hands over control of its India business [CNN]
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Source: CNN
Ford is handing control of its India business to Mahindra The US carmaker will transfer most of its Indian business to a new joint venture controlled and managed by local rival Mahindra, it announced on Tuesday. Mahindra will own 51% of the joint venture and Ford the rest. The joint venture should be operational by the middle of 2020. It will "develop, market and distribute" Ford vehicles in India and also sell Ford and Mahindra vehicles overseas, the company said. Ford will retain control of an engine manufacturing unit in India. "Partnerships have the ability to make us more competitive and better serve customers in an era of rapid change, and this partnership is no different," Ford's executive chairman Bill Ford told reporters. "We remain deeply committed to India and our 14,000 employees, dealers and suppliers," he added. The companies have been working together in India since 2017, when they formed a strategic alliance to focus on technologies like smart and electric vehicles. Ma
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