"Ford Motor Co. is ceding management of its India operations to Mahindra and Mahindra Ltd (M&M), and transferring most of its assets in the country into a joint venture. The deal will effectively end Ford’s independent operations in the country. The US carmaker is estimated to be taking an impairment charge of US$800 million to US$900 million, related to the value of its India assets. The transaction will be completed by mid-2020, after which the JV will become operational. Ford’s urgent step is consistent with its global strategy to lower risks by withdrawing from markets it has failed to grow profitably. Earlier in June, Ford announced it would restructure its European operations, shutting several production units and laying off about 12,000 people by end-2020." – Vinay Piparsania