A subsidiary of Tata Passenger Electric Mobility Limited (TPEML) had on August 7, 2022 announced that it will acquire the Sanand plant of Ford India Pvt Ltd (FIPL) in Gujarat for ₹725.7 crore.
Tata Motors on Friday said the acquisition of Ford India's manufacturing plant in Sanand through its subsidiary will be completed on January 10, 2023.
A subsidiary of Tata Passenger Electric Mobility Limited (TPEML) on August 7, 2022 announced that it will acquire the Sanand plant of Ford India Pvt Ltd (FIPL) in Gujarat for ₹725.7 crore.
The acquisition included the entire land and buildings; Shifting of vehicle manufacturing plant along with machinery and equipment and all eligible employees of FIPL's vehicle manufacturing operations at Sanand.
In a statement, Tata Motors said, "Subject to the fulfillment of conditions precedent to the transaction, including obtaining relevant government approvals, the parties have decided to proceed with the completion of the transaction on January 10, 2023. "
It added that all eligible employees of the Vehicle Manufacturing Plant of FIPL have been offered employment with TPEML on terms, conditions and benefits of service similar to those currently being drawn by them.
The employees of FIPL who have accepted its offer of employment will become employees of TPEML with effect from January 10, 2023.
Tata Motors said its passenger and electric vehicles business has 'outpaced market growth over the past few years' and has strong plans to maintain this momentum with a strong pipeline of new products and active investments in electric vehicles.
