October 29, 2023
2 mins read

Ford India Explores Options for Chennai Plant Sale

Ford India is looking out for a buyer for its Chennai plant after it shut down Indian manufacturing operations here and in Gujarat….reports Asian Lite News

Several people have come and are coming to see the company’s plant here and have gone, but nothing concrete has come out, said a source close to Ford India Private Ltd.

Ford India is looking out for a buyer for its Chennai plant after it shut down Indian manufacturing operations here and in Gujarat.

Ford India had earlier sold its Gujarat plant to Tata Group.

The latest name that is being said as the potential buyer of the Chennai plant is steel major JSW group led by Sajjan Jindal.

“A small team of officials are working on selling the Chennai plant. There is no internal mail announcing the plant sale to Jindal group,” a senior official preferring anonymity told IANS.

“Nothing concrete seems to have happened with regard to Ford India’s Chennai plant. People are saying JSW group is interested in the plant now,” a source not wanting to be identified told IANS.

According to reports, the JSW group will be floating a new company to acquire a considerable stake in MG Motors India, holding talks with a Chinese electric vehicle company and also buying Ford India’s Chennai plant.

“We continue to explore alternatives for the Chennai plant and have nothing further to add,” Ford India told.

It was also speculated that Vietnamese automobile company VinFast was also interested in Ford India’s Chennai plant.

In September 2021, Ford India announced its decision to wind down vehicle assembly in Gujarat’s Sanand vehicle and engine manufacturing in Chennai.

Ford India had set up four plants in the country — vehicle and engine plants in Chennai and Sanand.

The company sold its Gujarat facility for Rs 725.70 crore to Tata Passenger Electric Mobility Ltd.

The plant in Sanand includes the entire land and buildings, the vehicle manufacturing plant, along with its machinery and equipment, and transfer of all eligible employees of Ford India’s vehicle manufacturing operations.

Ford India is operating its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric.

It is said some of the former workers have been reengaged on contract basis by Ford India for maintenance of the Chennai plant.

ALSO READ: India’s Metro Network Set to Overtake USA

Previous Story

India’s Metro Network Set to Overtake USA

Next Story

Telecom Sector Faces Shortage of 2.41 Million Skilled Workers

Latest from Business

OpenAI’s o3 reasoning model ignites AI hype

Social media influencers have kicked off a fierce debate over OpenAI’s new o3 reasoning model, with some of them raising concerns about its high cost and the potential for overhyping its artificial

Mulk, Patil Groups Unveil Virtual Hospital   

Mulk International and DY Patil Group Launch Regional First Virtual Hospital with AED 100M Investment and more than 20,000 doctors on board. The new Initiative introduces Mulk Med Virtual Hospitals ecosystem across
Go toTop

Don't Miss

Ford gears up for fresh job cuts

The company laid off about 3,000 employees in August last

Ford India inks severance package deal with the Union

US automobile major Ford Motor Company last year decided to