India Approves Car Ventures: The government OKd...

India Approves Car Ventures: The government OKd three deals under which Ford Motor Co., Honda Motor Co. and Mitsubishi Motors Corp. each will join with an Indian company to make cars there. Ford will team with Mahindra & Mahindra Ltd. of Bombay to build Ford Escorts and Fiestas by 1998. The 50-50 venture will make 100,000 cars a year. The Ford-Mahindra venture will also make auto parts and accessories. Japan’s Honda will join with India’s Siel Ltd. conglomerate to build a factory outside New Delhi with annual capacity of 30,000 new cars designed by Honda for Asian markets. Mitsubishi and Hindustan Motors Ltd. will join to build Mitsubishi’s Lancer model. Mitsubishi was also cleared to take up to a 10% stake in Hindustan.