The price tag of a Ford Raptore lease is likely to top $1,200 million ($19.5 million), the company said on Thursday.
The Rs. 2,200-crore deal was signed between Ford India and the government of the Maldives last week, in a deal which has already raised eyebrows.
Ford India chairman Ajay Agarwal said in a statement that the lease agreement had been approved by the government and Ford would invest Rs. 15,000 crore in the Maldivian economy.
“It is a tremendous deal for the Maldive people, and we are confident it will generate economic development and job creation for the people of the country,” Agarwa said.
Ford said the deal will see the company invest up to $4 billion in the country.
Ford is already planning to invest about $10 billion in India over the next five years, with plans to build a new plant and expand production of its EcoBoost, Raptor and Escape models.
Ford announced plans to invest more than $6 billion in a new assembly plant in Bangalore, and has also begun the construction of a new engine plant in Mumbai.