Thursday, Mar 31, 2005
Thursday, Mar 31, 2005 |
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BANGALORE, MARCH 30. Ford Motor Co. has bought its Indian partner's stake in the U.S. auto giant's local subsidiary, a company official said on Wednesday. Ford has taken full control of Ford India after buying a 15.88 per cent stake from the local partner Mahindra & Mahindra, said Vinay Piparsania, Ford India's Vice President, from Chennai. Meanwhile, Ford sold its 5.1 per cent stake in Mahindra back to the Indian company. Mr. Piparsania declined to give any financial details. Mahindra said in a statement to the Bombay Stock Exchange that "both companies today operate in a much different business environment and the time has arrived for both companies to manage their goals independently.'' The move comes after Mahindra and Renault announced plans in February to launch a joint venture to produce Renault's low-cost Logan car in India. Ford Motor set up its Indian subsidiary in Chennai in 1995 as a 50-50 joint venture with Mahindra. But Ford later raised its stake. — AP
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