scorecardresearchTata Motors completes acquisition of Ford India's Sanand plant

Tata Motors completes acquisition of Ford India's Sanand plant

Updated: 11 Jan 2023, 08:13 AM IST
TL;DR.

In August last year, Tata Motors had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for 725.7 crore.

New Delhi: Tata Motors' electric vehicle  'Ace' at an event to kick off its customer deliveries, in New Delhi, Monday, Jan. 9, 2023. (PTI Photo/Ravi Choudhary)(PTI01_09_2023_000192A)

New Delhi: Tata Motors' electric vehicle 'Ace' at an event to kick off its customer deliveries, in New Delhi, Monday, Jan. 9, 2023. (PTI Photo/Ravi Choudhary)(PTI01_09_2023_000192A)

(PTI) Tata Motors on Tuesday said the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary has been completed.

In August last year, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for 725.7 crore.

With the fulfilment of the necessary conditions, including receipt of relevant regulatory approvals, the parties have completed the transaction and TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery, Tata Motors said in a regulatory filing.

Additionally, all the vehicle manufacturing employees were offered employment, and those who have accepted TPEML's offer of employment, have been transferred to the company and have become employees of TPEML with effect from January 10, it added.

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.

First Published: 11 Jan 2023, 08:13 AM IST