Ford to make big investments in India
US based auto giants Ford has just launched their latest sedan Fiesta in the Indian market. They are taking a beating at the hands of their Japanese counterparts in their home market. As a result, they are now trying to expand their operations in the other countries. Moreover, India happens to be one of the top most priorities for the Ford Motors.
The company has now said that they are planning investments worth $75 million (around Rs 330 crores) for expanding operations in the Indian market. Arvind Mathew, Ford India MD, and President said in a statement: “To support the aggressive growth strategy, Ford India will be augmenting its subscribed capital. Ford India has received approval from Ford Motor Company for an additional equity infusion of $75 million to meet the needs of our future plans.â€
The company currently has their plans operational near Chennai. Ford has already made investments worth around $375 million in India so far. They started in a joint venture with Mahindra and Mahindra and became a fully owned subsidiary in 2005. The company currently sells four models in India, which includes the Ford Ikon, Ford Endeavour, Ford Mondeo, and Ford Fusion. Ford Fiesta is the first model from the company in India.