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The Competition Commission of India (CCI) has approved a joint venture between Mahindra & Mahindra (M&M) 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, called Ardour Automotive Pvt Ltd, between M&M and Ford Motor, and the transfer of Ford’s automotive business (except the powertrain business at Sanand, Gujarat) to the joint venture, an official release said.
M&M is publicly traded on the NSE and the BSE. 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.
Ford, an American automobile company, has operations in various countries such as the US, Canada, Mexico, China, the UK, Germany, Turkey, Brazil, Argentina, Australia and South Africa. Ford India is an indirect wholly-owned subsidiary of Ford Motor Co.