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Mahindra and Ford breakup, find out what the reason was

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On the first day of the year came the big news about the automobile sector. Ford Motor Company, a US-based automaker, said on Friday that it had canceled joint ventures with Mahindra and Mahindra and India. However, both the organizations will continue their independent activities in India. Ford Motor Company said in a statement that in October 2012, the two companies signed a specific agreement in this regard, which expired on December 31, 2020. However, the companies have decided to terminate the contract instead of finalizing it.

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Because of this broken relationship

According to Ford spokesman TR Reid, the reason for the split between the two companies was the Corona epidemic. This decision has been made due to the fundamental changes in the world economic and business situation in the last 15 months. Following the agreement in October 2019, Ford and Mahindra said a joint venture would be created to reduce vehicle production costs and sell them in developing countries. He then said that three utility vehicles, including a medium-sized SUV, would be launched. In addition, electric vehicles will be built together. Mahindra and Mahindra said in a statement to the Bombay Stock Exchange that the decision would not affect product planning.

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According to the report, the two companies are expected to have a 51:49 per cent stake in the proposed joint venture. While the Gujarat and Tamil Nadu governments were waiting for the green signal, it had already received the green signal from the Competition Commission of India. However, it was delayed due to Covid-19. Ford Motor is reviewing its business worldwide, including India.

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