CCI approves formation of a joint venture, namely Ardour Automotive Private Limited. The joint venture in between Mahindra and Mahindra Limited (M&M) and Ford Motor Company (FMC) wherein Ford India Private Limited (FIPL) would be transferring the automotive business (except powertrain business at Sanand) to the joint venture.
About Mahindra and Mahindra Limited (M&M)
M&M is publicly traded on the National Stock Exchange and the Bombay Stock Exchange. The Mahindra group has diversified interests across various sectors including automotive, farm equipment, agricultural products and services, smaller range power generation equipment, financial services, information technology, logistics, alternative energy, aerospace, steel processing, trading, insurance broking, real estate and infrastructure, and hospitality.
About Ford Motor Company (FMC)
FMC is an American automobile company. It has operations in various countries such as the United States, Canada, Mexico, China, the United Kingdom, Germany, Turkey, Brazil, Argentina, Australia, and South Africa. FIPL is indirect wholly owned subsidiary of FMC.