Tata Motors to complete acquisition of Ford India’s manufacturing Plant in January: On January 10th 2023, Tata Motors will complete the acquisition of Ford India’s Sanand manufacturing facility through a subsidiary. Ford India Pvt Ltd (FIPLSanand )’s Plant in Gujarat will be purchased by the company’s unit Tata Passenger Electric Mobility Ltd (TPEML) for Rs 725.7 crore, according to the announcement.
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.
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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. With this acquisition, an additional, cutting-edge manufacturing capacity of 3,00,000 units annually will become available. This capacity can be increased to 4,20,000 units annually.
