Ford executes settlement agreement with workers in Tamil Nadu plant

Ford India, the subsidiary of the US car maker Ford on Saturday said it has concluded negotiations on the 'severance settlement package' with the employees of its manufacturing plant near here, a year after it announced that it would exit the Indian market as part of the company's 'restructuring exercise.'

Ford India Transformation Officer Balasundaram Radhakrishnan handed over the updated settlement agreement to the office bearers of the Chennai Ford Employees Union representing the 2,592 employees on Friday, a statement from the company said.

"The severance settlement agreement, signed between Ford and the Union today (Friday) is an important milestone and a win-win for everyone involved. I thank the team at Ford as well as the Chennai Ford Employees Union for negotiating in good faith and arriving at a settlement outcome that keeps the best interest of employees," Radhakrishnan said.

The company, in view of the forthcoming festive season has also decided to pay an additional amou