TIL Desk/Business/New Delhi/ US auto major Ford Motor Co on Friday said it and India’s Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is.
The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies.
The decision follows the passing of the December 31, 2020 ‘longstop’ or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
The outcome was driven by fundamental changes in global economic and business conditions caused, in part, by the pandemic over the past 15 months. Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities, it added. Ford further said its “independent operations in India will continue as is”.
