Ford Motor India

Company will revise final severance pay to 140 days of gross wages per completed year of service, compared with 130 days earlier. A one-time lump sum of Rs 1,50,000 will be paid as well

It is on average equivalent to 130 days of gross wages per completed year of service, firm says

Company revises severance package to 121 days from 115 earlier

In a statement on Friday, the company said it was 'exploring the possibility of using a plant in India as an export base for EV manufacturing'

The scheme is also part of Prime Minister Narendra Modi's government plan to cut the fuel import bill and bring down pollution by encouraging local production of clean vehicles

A section of employees at the manufacturing facility of Ford India staged a protest against the decision of the US-based company to close factory and sought intervention of the Tamil Nadu government

Some 13 auto firms have been in talks with govt for setting up business in India

Lack of scale despite a quarter century in India could stall its growth in the market after the break-up with Mahindra & Mahindra

Ford will gain from M&M's cost competitiveness and frugal engineering

Mahindra, one of India's largest automakers, will own 51 per cent of the new entity

Global car companies have mostly struggled to woo India's cost-conscious buyers