Mahindra Ford

Abanti Sankaranarayanan will be part of the group executive board, reporting to the CEO

Michigan-based Ford entered India 25 years ago, but it has only a 2% share of a market dominated by Suzuki Motor Corp and Hyundai Motor's extensive line-up of mainly low-cost cars

NEW DELHI/DETROIT (Reuters) - Ford Motor has frozen all projects it was working on with Mahindra & Mahindra while it finalises a new India strategy, three people familiar with the U.S. carmaker's plans told Reuters, weeks after the two companies called off their planned joint venture.

Group has ten businesses 'which have lot of potential and can grow', says managing director and CEO-designate.

From Mahindra and Mahindra announcing a joint venture with Ford to car sales falling again, here are the top 10 business headlines on Wednesday

The two companies have for months been negotiating the deal

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

Mahindra & Mahindra (M&M) and Ford Motor Company Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets. The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies. "Having identified several areas for joint development, both companies will continue to work together to develop products using common product platforms," M&M Managing Director Pawan Goenka said in a statement. This will reduce product development costs and gain economies of scale for both companies, he added. President of Ford New Businesses, Technology and Strategy Jim Farley said that with the new pact ...