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".
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.
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