Tata Motors subsidiary completes acquisition of Ford India’s Sanand Plant

11 Jan 2023 , 09:47 AM

Tata Motors announced that its subsidiary has completed the acquisition of Ford India’s manufacturing plant in Sanand. 

In August of last year, the company announced the acquisition of Ford India Pvt Ltd’s (FIPL) Sanand plant in Gujarat by its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) for Rs725.70 crore.

The parties completed the transaction after fulfilling the necessary conditions, including receiving relevant regulatory approvals, and TPEML acquired the Sanand property as well as the vehicle manufacturing plant and machinery, Tata Motors said in a regulatory filing.

Furthermore, all vehicle manufacturing employees were offered employment, and those who accepted TPEML’s offer of employment were transferred to the company and became TPEML employees on January 10, it added.

The company has agreed to acquire the entire land and buildings, as well as the vehicle manufacturing plant, machinery, and equipment, as well as the transfer of all eligible employees from FIPL’s vehicle manufacturing operations in Sanand.

At around 9.44 AM, Tata Motors was trading at Rs416.70, up by 0.93% against the previous close of Rs412.90 on NSE. The counter opened at Rs415.75 and touched day’s high of Rs419.90.

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