Tata Motors acquires Ford India's manufacturing unit in Gujarat
1 min read . Updated: 10 Jan 2023, 08:11 PM IST
Premium- Tata Passenger Electric Mobility Ltd acquired Gujarat-based Ford India Pvt Ltd's (FIPL) for ₹725.7 crore
Tata Motors has completed the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary, the company informed on Tuesday. Last year, the company informed about the acquisition noting Tata Passenger Electric Mobility Ltd (TPEML) would acquire Gujarat-based Ford India Pvt Ltd's (FIPL) 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.
