Mahindra and Ford have announced a new joint venture (JV) in which Mahindra will own 51 per cent, and Ford 49 per cent stakes. Both entities will have 50-50 representation on the board. The chairman will be elected by Mahindra.
The new JV is valued at ₹ 1,925 crore. Mahindra will invest ₹ 657 crore on it, and Ford ₹ 632 crore.
The JV will become operational by mid-2020, and will be responsible for ensuring Ford’s presence here and growth in exports. There will be co-development of products. A new platform for a mid-size SUV is reportedly being planned. The platform and drivetrains will be shared by both brands. Three new UVs, a C-segment SUV, a B-segment SUV and a MPV for Ford are in the offing.
Ford Motor Company will be transferring its India operation to the JV and that includes the plants in Chennai and Sanand. Ford will, however, retain engine plant operations in Sanand and the Global Business Services unit, Ford Credit, and Ford Smart Mobility.
The new products will be built in either Ford’s existing plants or Mahindra & Mahindra’s plant, but there will be no joint badging.
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