NEW DELHI :
The Competition Commission has authorized Mahindra & Mahindra’s acquisition of majority stake in a wholly-owned subsidiary of Ford Motor Co, which can create a three way partnership within the nation.
In October final yr, M&M mentioned it could purchase 51 per cent stake in Ardour Automotive Pvt Ltd for round ₹657 crore. In a tweet In October final yr, M&M mentioned it could purchase 51 per cent stake in Ardour Automotive Pvt Ltd for round ₹657 croreon Monday, the Competition Commission of India (CCI) mentioned it has authorized “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 could be held by Ford Motor Co and/ or any of its associates.
The new enterprise would purchase the automotive enterprise of Ford India Pvt Ltd (FIPL), a wholly-owned subsidiary of Ford Motor Co. The automotive enterprise contains car manufacturing vegetation of Ford India in Chennai and Sanand.
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