Tata Motors to complete the acquisition of Ford India’s manufacturing plant at Sanand through its subsidiary on 10th January 2023. The company has announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd (FIPL) Sanand Plant in Gujarat for Rs 725.7 crore.
The acquisition included the entire land and buildings, the vehicle manufacturing plant along with machinery and equipment and the transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand.
Tata Motors to complete acquisition of Ford India’s manufacturing Plant in January – Key Points
- All eligible employees of FIPL’s vehicle manufacturing plant have been offered employment with TPEML on terms, conditions, and benefits of service similar to those that are currently available to them.
- FIPL employees who have accepted its offer of employment will become TPEML employees with effect from 10th January 2023.
- Tata Motors informed that its passenger and electric vehicles business has delivered “market-beating growth over the last few years and has strong plans to sustain this momentum.
- This acquisition will unlock an additional state-of-the-art manufacturing capacity of 3,00,000 units per annum which is scalable to 4,20,000 units per annum.