Ford Motor Company (F) is forming a joint venture with India’s Mahindra & Mahindra Ltd. to develop, market and distribute Ford vehicles in the Asian country, and Ford-brand and Mahindra-brand vehicles around the world.

Ford will own a 49% stake in the joint venture, and Mahindra the other 51%, according to a Tuesday release.

Ford will move its India operations to the partnership, including its personnel and assembly plants in Chennai and Sanand, while retaining the Ford engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility.

The joint venture will be operational by mid-2020, subject to regulatory approvals. It will be operationally managed by Mahindra and its governance will comprise an equal number of representatives from both companies.

The joint venture plans to launch three new utility vehicles under the Ford brand, the first one being a new midsize sports utility vehicle that will have a common Mahindra product platform and powertrain.

The venture will also collaborate to develop electric vehicles.