The shut-down of the Maraimalai Nagar factory might have cost American auto major Ford’s India arm around Rs 1,296 crore in the form of severance package only. Interestingly, Ford India is yet to find buyers for the unit in the outskirts of Chennai.
In a policy note on the labour sector on Wednesday, the state government has said that at least 2,592 workers were benefited out of this severance package. The company was forced to shut its India units due to a dip in volumes and after suffering an accumulated loss of around $2 billion. Interestingly, the company was successful in attracting Tata Motors as a buyer for Sanand Plant in Gujarat. Tata Motors through its subsidiary Tata Passenger Electric