Ford signs $500 Million deal with TN govt.

By siliconindia   |   Friday, 25 September 2009, 14:34 IST   |    12 Comments
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Ford signs $500 Million deal with TN govt.
Chennai: Ford Motors has signed an agreement with the Tamil Nadu government for the $500-million expansion programme at its manufacturing facility at Maraimalai Nagar, a city suburb. According to the press release issued by the Tamil Nadu Government, the investment will double Ford India's production capacity to two lakh cars annually. The agreement was signed by Ford India President and Managing Director, Michael Boneham and the state government's Principal Secretary (Industries) M F Farooqui, in the presence of state Chief Minister, M Karunanidhi and Deputy Chief Minister, M K Stalin. "This agreement symbolises our belief in the strong role India can play in the future of Ford Motor Company," said Boneham. "After the introduction of the India-engineered and Chennai-manufactured all-new Ford Figo, our expanded investment in Tamil Nadu will benefit the region in the form of expanded employment - both at the plant and among a growing local supply base," he added. As part of its plan to expand its manufacturing facility in Chennai, it announced that it will hire 1,000 people. The expansion of the manufacturing unit will be completed by next year. According to a company official, the company has already hired 400 people and the rest will be recruited by next year.

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