Khaitan & Co advised Mahindra & Mahindra Ltd. on the deal
Ford Motor Co. will cede control of most of its India operations to Mahindra and Mahindra Ltd (M&M), underscoring the US company’s long-drawn struggles to make a bigger dent in the world’s fourth-largest automobile market.
Ford will transfer its entire business in India, barring an engine plant in Sanand, Gujarat, and its Chennai-based Global Business Services unit, to a new joint venture company controlled by M&M. The Indian automaker will own 51% in the new entity while the remainder will be held by Ford.
M&M will invest ?657 crore in the JV, which has a likely equity value of ?1,289 crore. M&M will induct all of Ford’s India based employees and vehicle plants located in Sanand and Chennai, subject to regulatory approvals.
Khaitan & Co advised Mahindra & Mahindra Ltd. with a team including Bhavik Narsana (Picture), Niharika Mepani, Vidur Sinha and Bhavya Bhankharia (Corporate), Niharika Mepani, Vidur Sinha, Saswat Subasit, Bhavya Bhankharia, Shubhi Pahwa and Nirali Trivedi (Corporate DD), Harsh Parikh, Sneha Oak Joshi and Aleesha Jadhav (Real Estate), Adheesh Nargolkar and Sourav Dan (IP&IT).
Law Firms: Khaitan & Co.;
Clients: Mahindra & Mahindra;