 "Ford Motor Company's Executive Chairman Bill Ford standing next to a global tech centre prototype in Chennai")
US auto major Ford on Tuesday announced the setting up of its new research and development centre at a cost of Rs 1,300 crore.
Ford's Executive Chairman Bill Ford made an official announcement regarding the investment plan in Chennai.
The automaker will invest $195 million (around Rs 1300 crore) and hire 3,000 skilled people for the new centre over the next 5 years.
It will serve as a hub for product development, mobility solutions and business services in India and other markets across the world.
Ford will also consolidate 9000 employees from its six existing facilities, spread over a campus area of 28 acres, in Chennai.
"We are pleased with our position in India. The company had a good year," said Ford while refusing to speak about other investments and product line ups in India.
"We are pleased with our position in India. The company had a good year," said Ford while refusing to speak about other investments and product line ups in India.
When asked if he would be meeting Prime Minister Narendra Modi, he said he would not meet him during his ongoing trip. Media reports had earlier stated that the Ford had approached the Prime Minister's Office for an appointment.
Dave Schoch, president of Ford Motor company for the Asia Pacific region, said the day marked an important milestone for operations in India.
The company has reported 25 per cent growh in sales in the domestic market, while its exports have grown by 40 per cent.
