New Delhi: The Competition Commission of India (CCI) approves formation of a joint venture between Mahindra & Mahindra and Ford Motor, and the transfer of the automotive business of Ford India to the joint venture.
The proposed combination envisages the formation of a joint venture, namely Ardour Automotive Private Limited, between Mahindra and Mahindra Limited (M&M) and Ford Motor Company (FMC); and the transfer of the automotive business of Ford India Private Limited (FIPL) to the joint venture. Ford’s powertrain plant located at Sanand, Gujarat will be excluded from this transfer.
M&M is publicly traded on the National Stock Exchange and the Bombay Stock Exchange. The Mahindra group has diversified interests across various sectors including automotive, farm equipment, agricultural products and services, smaller range power generation equipment, financial services, information technology, logistics, alternative energy, aerospace, steel processing, trading, insurance broking, real estate and infrastructure, and hospitality.
FMC is an American automobile company. It has operations in various countries such as the United States, Canada, Mexico, China, the United Kingdom, Germany, Turkey, Brazil, Argentina, Australia, and South Africa. FIPL is an indirect, wholly-owned subsidiary of FMC.
The Competition Commission will put forward a detailed order regarding its decision soon.
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