Ford Plans To Invest Rs 1,300 Crore In India Business
Ford’s Chennai facility will become the second largest centre of employment globally.
U.S. car major Ford Motor plans to invest Rs 1,300 crore in a new global technology and business centre in the city which would serve as a hub for product development, mobility solutions and business services for India and the world.
The automaker will invest $195 million (about Rs 1,300 crore) and would employ 3,000 workers over the next five years, Ford Executive Chairman Bill Ford said in Chennai on Tuesday. Ford will also consolidate 9,000 employees from six existing facilities on the 28-acre campus at Old Mahabalipuram Road, Thoraipakkam.
With 12,000 employees in total by 2019, the Chennai facility will become the company's second largest centre of employment globally after Michigan, the U.S.
"Chennai is Ford Motor Company's home away from home (after United States)," he told reporters in Chennai.
Ford said India is not only a vibrant market for cars and new mobility ideas, it is also rich in talent, technical expertise and ingenuity.
We have invested more than $2 billion till today. We are announcing new investments here today. This will serve as a hub and the new campus will be environment friendly. This new centre will help us attract the best and brightest and make Chennai a true hub of innovation for Ford around the world.Bill Ford, CEO, Ford Motor
The first phase of the new campus is likely to be completed by March 2019, he said.
The Global Technology and Business Center in Chennai will become Ford's third global product development in Asia Pacific and will be part of Ford's global product development network.
As well as housing engineering talent, the campus will be home to employees from IT, finance, accounting, data analytics and manufacturing sector. The centre will employ Indian engineers, scientists and skilled workers and feature a range of laboratories and testing facilities.
Ford India witnessed a 25 percent growth in the domestic market and 40 percent on the overseas market, Ford Asia Pacific President David Schoch said.
"We want to express our deepest gratitude to the Tamil Nadu government and Chief Minister J Jayalalithaa for working with Ford over many years to make this vision a reality", he said.