Ford negotiating with Mahindra for India JV
Ford is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India.
A move that would see the U.S. automaker cease its independent operations in the country.
Under the terms of the deal being negotiated, Ford would form a unit in India in which it will hold a 49 percent stake, while India's Mahindra would own 51 percent. The U.S. carmaker's India unit would transfer most of its current automotive business to the newly created entity, including its assets and employees.
Ford said «Both companies continue to work together to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies in the country».
Mahindra said in a statement that will announce further definitive agreements as they progress on some of the negotiations.