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Report: Ford to transfer India assets into JV with Mahindra

Ford Motor Co. plans to transfer most of its assets in India to a joint venture with Mahindra & Mahindra Ltd. that could be announced as soon as next week, Bloomberg News reported Sept. 25, citing people familiar with the matter.

Under the reported arrangement, Mahindra will hold a 51% stake in the new entity, and Ford will own the remaining shares. The U.S. carmaker will reportedly get equal voting rights and board representation.

Some aspects of the joint venture were reported in April.

According to Bloomberg, the transaction does not include Ford's global business services division or an export-focused engine plant in Sanand, but it will let Mahindra sell some Ford vehicles under its own brand.

Both companies are also reportedly jointly developing a mid-sized sport-utility vehicle for India.

A Ford spokesperson told Bloomberg it remains committed to growing its customer base and product portfolio in India but declined to discuss specifics.

The automakers have not yet reached a final agreement and talks could still fall apart, the news wire added.

Ford and Mahindra did not immediately respond to S&P Global Market Intelligence's request for comment.