Tata Motors’ EV arm Tata Passenger Electric Mobility Limited (TPEML) has declared that its agreement for the acquisition of Ford India’s manufacturing plant situated at Sanand, Gujarat, will be completed by January 10th, 2023.
All eligible employees of FIPL’s vehicle manufacturing unit at Sanand were also transferred, as part of the agreement for Rs 725.7 Cr.
Pursuant to the fulfillment of the necessary condition precedents for the transaction, including receipt of relevant government approvals, the Parties have decided to proceed towards completion of the Transaction on 10th January 2023.
Tata Motors Passenger & Electric Vehicles business has delivered market-beating growth over the last few years and has strong plans to sustain this momentum, with its robust pipeline of future-ready “New Forever” products and proactive investments in electric vehicles.
With existing capacities near saturation, this acquisition will unlock an additional state-of-the-art manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.
As part of the transaction, all eligible employees of FIPL’s vehicle manufacturing plant have been offered employment with TPEML on terms, conditions and benefits of service similar to those that are currently availed by them.
TPEML would like to take this opportunity to extend a warm welcome to all the eligible FIPL employees who have accepted its offer of employment and who shall become TPEML employees with effect from 10th January 2023.