NEW DELHI: After showing a surprising willingness to re-think its India exit plan, American auto major Ford did a swift U-turn in only three months, announcing that it’s giving up on the project to make electrics in the country (for exports) despite making the cut for benefits under the government’s prestigious production-linked incentive (PLI) scheme.
It is believed that the company is close to securing deals to sell its India factories – the first one at Chennai in Tamil Nadu and the second one at Sanand in Gujarat. Tata Motors, which has seen a strong resurgence in its India passenger vehicles business, is believed to be close to acquiring the Gujarat plant, while talks are on with a clutch of companies for Chennai, including with Ola, sources said.
