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American company Ford Motor has canceled its deal with JSW Group for its Chennai plant. People familiar with the matter said that recently this deal with Sajjan Jindal-led JSW Group was in the final stages but now Ford Motor has suddenly changed its mind. Ford Motor has now abandoned plans to sell its Tamil Nadu plant. Let us tell you that this is the only Ford plant in India.
What did the spokesperson say?
We will continue to explore options for our manufacturing plant in Chennai,” a Ford India spokesperson told The Economic Times via email. We have nothing else to share. Meanwhile, JSW Group declined to comment on the cancellation of the deal.
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A Vietnamese company was also interested
According to media reports, JSW finalized the deal for the Ford plant for around $100 million. Apart from this, Vietnamese e-car manufacturer Winfast has also shown interest in buying this plant. Let us tell you that Winfast is working on a strategy to enter the Indian market. For this the company is looking for land in the country. At the same time, Mahindra & Mahindra also expressed interest in a Ford plant in Chennai but the group did not proceed.
Ford plants
This Ford Motor plant is located near Chennai Port. It is spread over 350 acres and has an annual capacity of 1,50,000 cars plus about 3,40,000 engines. Ford also had a plant in Sanand, Gujarat. The plant was acquired by Tata Motors to increase production of electric vehicles (EV). Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited, Ford’s Sanand plant for Rs. 725.7 crore acquired.
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These signs are coming
After the cancellation of the deal, now there are speculations that the American company Ford Motor is once again in the mood to enter the world’s third largest auto market i.e. India. Two years ago, Ford announced to close its business from India. In fact, the company had announced the closure of the business amid mounting losses and slowdown in the passenger vehicle market after the Kovid-19 pandemic.