Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (3631)	2/1/1999 10:29:00 PM
From: Mohan Marette	Respond to of 12475

Mahindra Ford renamed Ford India, board recast Our Mumbai Bureau -------------------------------------------------------------------------------- 1 FEBRUARY US auto major Ford Motor Company has rechristened its Indian joint venture Mahindra Ford India Ltd (MFIL) to Ford India Ltd, with effect from today. This follows Ford's decision to hike its stake in MFIL from 50 per cent to 92.18 per cent. The Ford India board has also been restructured with the chairman Mr Keshub Mahindra stepping down earlier. His place will now be taken by Terry de Jonckheere, executive director of Ford's Asia Pacific and Africa operations. The new board will continue to be represented by two Mahindra & Mahindra (M&M) members - Anand Mahindra, managing director of M&M and Bharat Doshi, executive director, finance & corporate affairs. M&M and Ford had equal representation on the board earlier. The change of name comes at a time when Mr Philip Spender takes over from Mr John Parker as the new managing director of Ford's India operations. It may be recalled that the FIPB in November 1998 had cleared the change in MFIL's equity pattern following Ford's decision to increase its stake to 92.18 per cent. The equity change will be carried out in a phased manner. This was necessitated by M&M's decision to cap its investment in the joint venture at Rs 135 crore in March 1998. ................. economictimes.com