Ford Asia-Pacific is no more. Necessitating quicker decisions in a fast-changing market, Ford has announced that it is combining 100 markets including India, Australia, ASEAN, Middle East, Africa, and Russia markets into the newly established International Markets Group or IMG.

This announcement comes as Mahindra and Ford have signed an agreement that will create a joint-venture that will develop, market, and distribute not just Ford brand vehicles in India, but will also co-develop brands for high-growth emerging markets including those covered by the IMG.

In this joint-venture, Mahindra will own a 51 percent controlling stake, while Ford will own the remaining 49 percent. With this, Ford will transfer its India operations to the joint venture including its personnel and assembly plants. Ford though will retain its engine plant.

Moving forward though, the joint-venture agreement will benefit Ford in that they will access to more product offerings catered to emerging markets. The first ones announced is a family of three new SUVs that use a Mahindra platform and powertrain. The very first vehicle will be a new mid-sized utility vehicle.

It must be noted that Mahindra is considered a leader in the utility vehicle segment in India. Most recently, they purchased a stake in SsangYong Motor Company of South Korea.