Mahindra & Mahindra (M&M) along with Ford Motor Company Inc., USA (FMC) has executed a Business Transfer Agreement and Share Subscription Agreement to enable the formation of a joint venture by way of the Company and/ or its subsidiaries acquiring 51% of the equity share capital of Ardour Automotive, a wholly owned subsidiary of FMC (NewCo) in India. The balance 49% equity shareholding in NewCo will be held by FMC and/ or any of its affiliates.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.