38.6c New Delhi, India, Sunday, May 26, 2024
Business

CCI Approves JV Between Mahindra & Mahindra And Ford Motors

By LawStreet News Network      11 February, 2020 01:02 PM      0 Comments
CCI Approves JV Between Mahindra & Mahindra And Ford Motors

The Competition Commission of India (CCI) as on the 10th of February, 2020 has officially approved to transfer Ford India's automotive business to Mahindra-Ford JV.

In October 2019, Mahindra and Mahindra had put forth their interest in buying 51% of stakes in Ardour Automotive Pvt Ltd for a total transaction of Rs. 657 crores. CCI observed that the current acquisition has resulted in the majority of stakes for Mahindra to have a wholly owned subsidiary of Ford Motor Co., further leading to the creation of a joint venture for the company. 

The remaining stake of 49% in the Ardour Automotive will be held by Ford Motor Co. or any of it's affiliated. This new venture will help in the acquirement of business of Ford India Pvt Ltd. (FIPL), a wholly ownded subsidiary of Ford Motor Co. 

The automotive business further includes the vehicle manufacturing plants of Ford India that are currently located in Chennai and Sanand. 

The news reported by a tweet on the 10th of February, 2020, Monday, that was posted by the Competition Commission of India (CCI) and stated that it has approved "formation of JV (joint venture) between Mahindra & Mahindra and Ford Motor and transfer of automotive business of Ford India to the JV".

 

Author - Dyuti Pandya 



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS


TOP STORIES

supreme-court-refuses-to-entertain-plea-for-stay-on-new-criminal-laws
Trending Judiciary
Supreme Court refuses to entertain plea for stay on new criminal laws

SC refuses plea to stay new criminal laws. Court deems the plea casual, noting laws aren't yet implemented. Petitioner withdraws. Laws effective from July 1, 2024.

20 May, 2024 12:58 PM
scba-election-result-2024-know-the-newly-elected-members
Trending Know The Law
SCBA Election Result 2024, Know the newly elected members

SCBA Election Result 2024: Senior Advocate Kapil Sibal elected President. Know the newly elected members and key office bearers leading the Supreme Court Bar Association.

20 May, 2024 03:03 PM
cannot-allow-the-game-of-hide-and-seek-for-committing-murder-of-an-unborn-child-mp-high-court
Trending Judiciary
Cannot Allow the Game of Hide and Seek for Committing Murder of an Unborn Child: MP High Court [Read Order]

MP High Court denies abortion for minor rape victim, condemns misuse of legal authority to terminate pregnancy and prevent justice.

20 May, 2024 03:52 PM
pune-porsche-hit-and-run-bail-granted-to-17-year-old-in-under-14-hours-asked-to-write-essay
Trending Judiciary
Pune Porsche Hit & Run: Bail Granted to 17 Year Old in Under 14 Hours, Asked to write essay

Bail granted to 17-year-old in Pune Porsche hit-and-run case within 14 hours. Conditions include educational tasks, supervision, and counseling. Incident killed two.

20 May, 2024 04:30 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email