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M&M forms joint venture with Ford, acquires 51% stake in India unit

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Mahindra and Mahindra and Ford Motor Company on Tuesday announced a joint venture to sell Ford brand vehicles in India and Ford and Mahindra brand vehicles in other emerging markets.Mahindra will hold 51% stake in the new venture with Ford holding the rest. The Detroit-based company will transfer its India operations to the joint venture, including its manufacturing plants and employees. However, the American company will retain its engine manufacturing plant in Sanand, Gujarat.

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