Tata Motors said its subsidiary will complete the acquisition of Ford India’s manufacturing plant in Sanand on January 10, 2023. In August of this year, the company announced that its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) would pay Rs 725.7 crore for Ford India Pvt Ltd’s (FIPL) Sanand plant in Gujarat.
The acquisition included the entire land and buildings; the vehicle manufacturing plant, as well as machinery and equipment; and the transfer of all eligible employees from FIPL’s vehicle manufacturing operations in Sanand. “Pursuant to the fulfilment of the necessary condition precedents for the transaction, including receipt of relevant government approvals,” Tata Motors said in a statement.
All eligible employees of FIPL’s vehicle manufacturing plant have been offered employment with TPEML on terms, conditions, and benefits comparable to those currently available to them, according to the statement. Employees of FIPL who accept its offer of employment will become TPEML employees on January 10, 2023.
Tata Motors stated that its passenger and electric vehicle businesses have delivered “market-beating growth in recent years” and that it has “strong plans to sustain this momentum” with a robust pipeline of new products and proactive investments in electric vehicles.