Tata Motors completes acquisition of Ford’s Indian plant
By MYBRANDBOOK
Tata Motors has completed the acquisition of Ford India’s manufacturing plant at Sanand through its subsidiary Tata Passenger Electric Mobility Ltd (TPEML). The Sanand plant will enhance Tata Motors’ annual installed production capacity by 300,000 units, which can be further scaled to 420,000 units per annum.
In August last year, the company had announced that TPEML would acquire Ford India Pvt Ltd’s (FIPL) Sanand plant, Gujarat for Rs 725.7 crore. TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery.
The acquisition included the entire land and buildings; vehicle manufacturing plant along with machinery and equipment and transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand.
In an official statement, Tata Motors said, “Pursuant to the fulfilment of the necessary condition precedents, including receipt of relevant regulatory approvals, the parties (TPEML and FIPL) have completed the transaction and TPEML has acquired the Sanand Property and the VM (vehicle manufacturing) plant and machinery.”
It further added, “Additionally, all VM employees are offered employment, and those who have accepted TPEML’s offer of employment, have been transferred to TPEML and have become employees of TPEML with effect from today, i.e., January 10, 2023. TPEML extends a warm welcome to all such VM employees who have accepted its offer of employment.”
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