India:Ford Comits $75 Million To Support Growth in India
Ford Comits $75 Million To Support Growth in India
The Auto Channel
Chennai: Following a two-day visit to India by Ford Motor Company Chairman and CEO Bill Ford, the company has confirmed an equity infusion of US$75 million to support further growth in the important Indian market. During his visit, Ford reaffirmed the company's commitment to the market by hosting the debut of the new Ford Fiesta, a four-door, globally-engineered sedan scheduled to go on sale in India in the fourth quarter of 2005.
In confirming the company's plans, Arvind Mathew, managing director and president of Ford India, said, "To support the aggressive growth strategy we have in place, Ford India will be augmenting its subscribed capital. Ford India has received approval from Ford Motor Company for an additional equity infusion of US$75 million to meet the needs of our future plans."
Ford India with a present investment of US$375 million in facility and operations is in its ninth year of business in the country. Ford India had started in 1996 as a joint venture with Mahindra and Mahindra (M&M). In March 2005, Ford India became a wholly owned subsidiary of Ford Motor Company, after divestment of its crossholding portfolio with M&M.
Ford India manufactures and distributes automobiles made at its modern, integrated manufacturing facility at Maraimalai Nagar, near Chennai. Spread over 350 acres, the facility started as a greenfield project. Ford India also has an operation to handle exports of auto components and kits.
Ford's present models in India include the Ikon, Mondeo, Endeavour and Fusion. The all-new Ford Fiesta will soon be delivered to dealerships across the country and will be available for customer test drives by mid November 2005.
Ford will be represented by 115 dealerships facilities across 79 cities in India by the end of 2005.
Ford India employs a large, local workforce of approximately 1800 highly skilled personnel. The company has regional offices in Chennai, Mumbai and Delhi.
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