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 Rs 657 crore.
In a tweet on Monday, the Competition Commission of India (CCI) said it has approved the “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.
Source: Business-Standard