Chennai, Oct. 30
FORD Motor Company has said that it will infuse $75 million (about Rs 330 crore) as equity in its Indian subsidiary "to support further growth in the important Indian market," according to a press release from Ford India Pvt Ltd.
The release quoted Mr Arvind Mathew, Managing Director and President, Ford India, as saying: "To support the aggressive growth strategy we have in place, Ford India will be augmenting its subscribed capital. Ford India has received approval from Ford Motor Company for an additional equity infusion of $75 million to meet the needs of our future plans."
During his recent visit to India, when he launched Ford India's premium sedan, Fiesta, Ford Motor Company's Chairman and CEO, Mr William Clay Ford Jr, said the company would increase its investments in India.
Ford India with a present investment of $375 million in its facility at Maraimalai Nagar, about 45 km south of Chennai, is in its ninth year of operations.
It started as a joint venture with Mahindra & Mahindra Ltd and became Ford Motor Company's wholly owned subsidiary in March 2005 after divestment of its crossholding portfolio in Mahindra & Mahindra, the release said.