Acuisition of Ford India’s Sanand vehicle production facility by Tata Passenger Electric Mobility (TPEML), a Tata Motors subsidiary, has been finalised for Rs 725.7 crore. A unit transfer agreement between Ford India (FIPL) and TPEML was signed on August 7 for the acquisition of FIPL’s plant in Sanand, Gujarat, which includes all of the land and buildings, the vehicle manufacturing plant and any related machinery and equipment, as well as the transfer of all qualified employees of FIPL’s Sanand vehicle manufacturing operations, for a total consideration, exclusive of taxes, of Rs 725.7 crore.
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Tata Motors finalizes Rs 725.7 crore deal to acquire Ford India’s vehicle manufacturing plant in Sanand by January 10
Press Statement from Tata Motors states “The parties have resolved to move towards completion of the deal on January 10, 2023, pursuant to the fulfilment of the necessary condition precedents for the transaction, including receipt of applicable government clearances.”
Tata Motors a major player in electric vehicle segment looks forward to consolidate and sustain its momentum
For the past several years, Tata Motors has been a major player in the electric vehicle market. The company stated that it has strong ambitions to maintain this momentum with a forthcoming pipeline and investments in EVs.
According to the company, this acquisition will free up extra cutting-edge manufacturing capacity of 300,000 units year, expandable to 420,000 units annually. All eligible employees at the FIPL car manufacturing factory have been given the opportunity to join TPEML on employment terms, conditions, and benefits that are comparable to those that they presently enjoy. On January 10, 2023, workers of FIPL who have accepted its offer of employment will transition to TPEML.
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, a Tata Motors subsidiary, has been finalised for Rs 725.7 crore. A unit transfer agreement between Ford India (FIPL) and TPEML was signed on August 7 for the acquisition of FIPL's plant in Sanand, Gujarat, which includes all of the land and buildings,){kind=link}