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The Mahindra & Mahindra Ltd. Funster electric vehicle (EV) sits on display at the Auto Expo 2020 in Noida, Uttar Pradesh. (Bloomberg)
The Mahindra & Mahindra Ltd. Funster electric vehicle (EV) sits on display at the Auto Expo 2020 in Noida, Uttar Pradesh. (Bloomberg)

Competition Commission gives nod for Mahindra & Mahindra, Ford Motor joint venture

  • CCI approves transfer of Ford India's automotive business to Mahindra-Ford JV
  • In October last year, M&M said it would buy 51% stake in Ardour Automotive for around 657 cr

NEW DELHI : The Competition Commission has approved Mahindra & Mahindra's acquisition of majority stake in a wholly-owned subsidiary of Ford Motor Co, which will create a joint venture in the country.

In October last year, M&M said it would buy 51 per cent stake in Ardour Automotive Pvt Ltd for around 657 crore. In a tweet In October last year, M&M said it would buy 51 per cent stake in Ardour Automotive Pvt Ltd for around 657 croreon Monday, the Competition Commission of India (CCI) said it has approved "formation of JV between Mahindra & Mahindra and Ford Motor and transfer of automotive business of Ford India to the JV".

The remaining stake of 49 per cent in Ardour Automotive would be held by Ford Motor Co and/ or any of its affiliates.

The new venture would acquire the automotive business of Ford India Pvt Ltd (FIPL), a wholly-owned subsidiary of Ford Motor Co. The automotive business includes vehicle manufacturing plants of Ford India in Chennai and Sanand.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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