Mumbai, Oct. 1 -- Mahindra and Mahindra Limited and Ford Motor Company have joined hands to develop, market and distribute the Ford brand vehicles in India. Moreover, the agreement also includes the development, marketing and distribution of both Ford and Mahindra vehicles in high-growth emerging markets around the world. Mahindra owns a 51 per cent controlling stake in this joint venture, while Ford holds a 49 per cent stake.

Under the newly announced joint venture, Ford has transferred its India operations to Mahindra, this includes its personnel and assembly plants in Chennai and Sanand. However, Ford will retain its engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and the Ford Smart Mobility...