Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 05.02.2020  
C(2020 ) 714 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9691  – MAHINDRA & MAHINDRA / FORD MOTOR 
COMPANY / ARDOUR  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 14 January 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Mahindra and 
Mahindra Limited  (India ) and Ford Motor Company  (United States), the latter acting 
through its wholly -owned subsidiary Ford Motor International Holdings Limited 
acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation  joint 
control o ver Ar dour Automotive Private Limited,  a newly incorporated company by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Mahindra and Mahindra Limited : M&M is the parent company of the 
Mahindra Group which is active  in various sectors including , amongst others,  
automotive and automotive aftermarket.  
 for Ford Motor Company : FMC is the parent company of the Ford Group which 
designs, manufactures, markets and services a full line of Ford cars, trucks, 
SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial 
services through Ford Motor Credit Company and is al so active in electrification, 
autonomous vehicles and mobility solutions.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 23, 23.1.2020 , p. 11. 

2  for Ardour Automotive Private Limited : The JV will design, engineer, test, 
manufacture, market, sell, distribute and export passenger vehicles as well as 
replacement and service part s and components and assemblies for such vehicles.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declar e it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .