Ford India

The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat

The talks are said to have started after the government approved Ford's proposal for manufacturing and exporting EVs as part of the Rs 25,938-crore production-linked incentive (PLI) scheme in February

A worker union leader said the company management wants to conclude the talks and arrive at a settlement by February 2022

This comes at a time when even after three months since announcement of winding-up of operations, Ford India could not reach a settlement with unions regarding a severance package for 4,000 employees

Anurag Mehrotra spent over a decade with Ford in India across multiple roles including marketing, sales and most recently as president and managing director

Urges govt to set up task force to monitor compensation structure being worked out by Ford India for its dealer partners across the country

The Federation of Automobile Dealers Association (FADA) said in a letter to India's industries ministry, sudden exits by global companies "cause great distress."

The firm has indicated that its near-term operational performance would likely be in line with initial FY20 earnings. During the year, it had a revenue of Rs 2,052 cr

As part of the restructuring plan, Ford will cease production of cars and sport utility vehicles at its plants and will sell vehicles only till stocks last

Credit rating agency India Ratings and Research, downgraded Ford India Private Ltd's long term issuer rating to 'IND A+' from 'IND AA-'.

The plant employs around 1,200 people

The Secretary, Ministry of Heavy Industries, said the country has seen investments of $34.5 billion in the past five years, to substantiate his point

Even as their morale is down with job loss staring at their faces, workers at the Chennai plant of Ford India Private Ltd have restarted production of EcoSport for exports, said an official.

Analysts and executives said foreigners badly misjudged India's potential and underestimated the complexities of operating in a vast country that rewards domestic procurement.

Factory workers at Ford Motor Co's southern Indian plant near Chennai city have sought the state government's help to safeguard jobs that will be lost once carmaker stops production, workers said

The higher the capital intensity the fewer the number of companies an industry is able to support.

Workers at both units set to get into a protracted feud with the management over closure terms and job security

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Company in talks with automakers to sell Chennai plant, says govt official

Last year, Ford was in talks with Ola and M&M for contract manufacturing or for sale of both plants. It isn't clear whether the current talks are with the same companies or not