New Delhi: The US auto major Ford on Wednesday said it is engaged with Mahindra & Mahindra for strategic cooperation to help it achieve "commercial, manufacturing and business efficiencies" in India.
Reports have said Ford is all set to transfer some of its key assets, including manufacturing plant in Chennai to a joint venture with M&M as the US auto major struggles to make a mark in India.
"Forging a partnership for the future, we remain engaged with Mahindra to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies," a Ford India spokesperson said in an e-mailed response.
The spokesperson further said, "We look forward to sharing more information at the appropriate time and can not comment on ongoing speculations." M&M spokesperson declined to comment.
Ford and M&M had in September 2017 inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and emerging markets.
Last year the two partners have agreed to develop new SUVs, a small electric vehicle and connected car solutions besides supply of Mahindra powertrains to extend Ford's product range as part of several initiatives. Earlier this year, the two partners had signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets.
Ford said it remains committed to growing its customer base in India and will continue to make in India for India and the world. "We have a strong brand, customer and dealer network in India. Using this as a foundation, we are working to expand our presence and product portfolio. The recent announcement of the joint development of a mid-size SUV is an example of future products from Ford," the spokesperson added.