The electric vehicle division of Tata Motors, Tata Passenger Electric Mobility Limited (TPEML) acquired the Sanand manufacturing facility of Ford India in Gujarat.
For the amount totalling Rs. 725.7 Crores exclusive of taxes, the unit transfer agreement included the official transfer of the entire land, buildings, the vehicle manufacturing plant with its existing machinery, and equipment, and the transfer of all the current employees of Ford’s vehicle manufacturing facility to TPEML.
After this deal, Ford India on mutually agreed terms will continue to operate its powertrain manufacturing facility by leasing it back from TPEML.
In a responsible gesture, TPEML has agreed to absorb the eligible employees of Ford’s powertrain manufacturing plant because of the US automaker’s closure of operations.
“It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future-ready Atmanirbhar Bharat,” mentioned Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited.
