Mahindra & Mahindra Ltd.

BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3092.85
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CCI gives nod for formation of JV between M&M, Ford Motor

Date: 11-02-2020

The Competition Commission of India (CCI) has approved formation of joint venture (JV) between Mahindra & Mahindra (M&M) and Ford Motor and transfer of automotive business of Ford India to the JV. The new venture would acquire the automotive business of Ford India, a wholly-owned subsidiary of Ford Motor. The automotive business includes vehicle manufacturing plants of Ford India in Chennai and Sanand.

In October last year, M&M announced that it would buy 51 per cent stake in Ardour Automotive for around Rs 657 crore. The remaining stake of 49 per cent in Ardour Automotive would be held by Ford Motor Co and/ or any of its affiliates.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.