Ford and Mahindra form joint venture, will jointly develop cars

Ford and Mahindra have agreed to form a joint venture valued at US$275 million ($406 million), which will be based in India and focussed on making vehicles for "high-growth emerging markets around the world". Mahindra will be the dominant partner in the relationship, owning 51 per cent of the joint venture and running day-to-day operations. Ford will own the remainder of the company, and will transfer its Chennai and Sanand factories and employees to the new company.