iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Ford pulled out of the agreement to sell JSW the Tamil Nadu factory

20 Dec 2023 , 10:11 AM

Following the completion of a deal with the Sajjan Jindal-led JSW Group, Ford Motor Co. abruptly withdrew its intentions to sell its Tamil Nadu facility, which is its last remaining industrial site in the nation, according to news reports. 

The move fueled rumors that the US business, which left the third-largest auto market in the world more than two years ago, may be thinking about returning. 

‘We continue to explore alternatives for our manufacturing facility in Chennai and have nothing further to share,’ a Ford India spokesman stated in an email to ET. 

Following Ford’s exit from India in September 2021 due to growing losses and the decline in the passenger vehicle market following the Covid-19 outbreak, the company’s Maraimalai Nagar facility has been put up for sale. JSW has finalized an agreement to purchase the Ford facility for approximately $100 million. 

JSW recently announced the purchase of a 35% stake in a joint venture with SAIC. However, one of the people with knowledge of the ongoing talks claimed that Ford ‘called off the deal and is no longer looking to sell the factory’ earlier this month. MG Motors India is owned by SAIC. 

For feedback and suggestions, write to us at editorial@iifl.com.

Related Tags

  • Ford
  • JSW
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.