Ford has confirmed that it will be investing in the expansion of its Chennai manufacturing plant. Apart from the expansion, Ford Motor Co will also setup a new global engineering and technology centre. Although, the amount of investment and the added production is not disclosed.
A memorandum of understanding has been signed by the Tamil Nadu government and Ford at the Global Investor Meet. Over Rs 2.40 lac crore worth of investments have been signed by the Tamil Nadu government in the in the two-day event.
The new Ford campus will be responsible for Ford's Global Business Services like Product Engineering, IT, Data Analytics, Manufacturing, Finance and Accounting. The current plant runs at a capacity of approximately 2 lac vehicles and 3.4 lac engines. Indian manufactured Ford products are exported to over 50 countries.
A senior state Industries Department official said, "Ford's expansion plan is currently going on. We are yet to finalise it. Ford Asia Pacific President, Dave Schoch said: "India is at the centre of innovation at Ford and we are delighted to strengthen our presence with a new global engineering and technology centre." He added: "This is the next chapter of our India journey. With these latest investments, we are making rapid progress in our vision of driving innovation from India to the world."
Following Ford’s work in India, the American has already made investments worth USD 2 billion in India out of which, USD 1 billion were invested in the new plant in Sanand, Gujarat. The Gujarat plant manufacturers Aspire sedan and the upcoming Figo hatchback.
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