Ford may partner Mahindra & Mahindra in India again - report |
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Published
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Fri, 14 Dec 2007 06:46
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MUMBAI (Thomson Financial) - Ford Motor Co may be gearing up to become a partner in a venture with Mahindra & Mahindra Ltd (M&M) in India again, local business daily The Economic Times reported.The report quoted auto industry sources saying that Ford officials have 'raised the notion of wanting to talk' to M&M about several issues, including a possible alliance for passenger vehicles.Ford had entered India in the 1990s through a joint venture with M&M, which rolled out the Escort sedan, but it subsequently bought M&M's stake in the venture.Ford is aggressively looking at emerging markets like Russia and India to offset sales and margin pressure in North America, the report said.It said Ford CEO Alan Mulally was quoted on Wednesday as saying the company is looking to take the partnership route in India, telling international media that 'teaming' up in India is a 'possibility'.The report also quoted a reference of an earlier interview with M&M auto division president Pawan Goenka who said the company is open to more partnerships, adding its existing partnership contract with Renault SA 'is clear and well-defined. Both of us are free to hook up with other companies and do what makes sense for our business. The only defining clause is that neither can get into a segment that competes with the Logan.M&M is also among the three top bidders in the fray for Ford's British brands Jaguar and Land Rover. M&M is bidding with private equity player Apollo Management. Its bid for Jaguar and Land Rover is also backed by long-standing Ford connections, the report said.tfn.newsdesk@thomson.comndi/man/hjpCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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