Competition Commission Gives Nod For Mahindra & Mahindra, Ford Motor Joint Venture
A Ford Motor Co. employee performs a quality control check at the Ford India Pvt. Maraimalai Nagar factory in Chengalpattu, India. (Photographer: Kuni Takahashi/Bloomberg)

Competition Commission Gives Nod For Mahindra & Mahindra, Ford Motor Joint Venture

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The Competition Commission has approved Mahindra & Mahindra Ltd.'s acquisition of the 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 a 51 percent stake in Ardour Automotive Pvt. Ltd. for around Rs 657 crore. In a tweet on Monday, the CCI said it has approved "formation of JV between Mahindra & Mahindra and Ford Motor and transfer of the automotive business of Ford India to the JV".

Also read: M&M To Invest Rs 650 Crore For 51% Stake In Ford Joint Venture

The remaining stake of 49 percent 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., a wholly-owned subsidiary of Ford Motor Co. The automotive business includes vehicle manufacturing plants of Ford India in Chennai and Sanand.

Also read: Mahindra Says Coronavirus May Jeopardize India Emissions Rollout

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