Tata Motors Completes Acquisition Of Ford India's Sanand Plant
Tata Passenger Electric Mobility Ltd. acquired Ford India Pvt. Ltd.'s plant in Sanand, Gujarat for Rs 725.7 crore.
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. would acquire Ford India Pvt. Ltd.'s Sanand plant, Gujarat for Rs 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 Jan. 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.