Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors and Ford India (FIPL) have signed an agreement for the acquisition of a Ford manufacturing plant situated at Sanand, Gujarat. The deal will include the (i) entire land & buildings; (ii) Vehicle Manufacturing Plant along with machinery and equipment situated therein; and (iii) transfer of all eligible employees of Ford India’s manufacturing operations at Sanand. The deal has been finalized at Rs 725.7 crore. Also Read – GT Force launches two new electric scooters at starting price of Rs 49,996: Check details
Ford India will continue to operate the Powertrain Manufacturing Facility by leasing back the land and buildings of the Powertrain Manufacturing Plant from Tata Motors on agreed terms. Tata has agreed to offer employment to the eligible employees of Ford’s Powertrain Manufacturing Plant if Ford stops production completely. Also Read – EV battery pack shipments to reach 30 million in five years: Report
Tata Motors, in a statement, said that the closure of the transaction will be subject to the receipt of relevant approvals from the government authorities and fulfillment of conditions. Both companies and the government of Gujarat had already signed an MoU in May this year to get all the approvals. Also Read – EV charging facilities are considerably lower than numbers of EVs in India: Report
Tata Motors’ new facility will be adjacent to its existing manufacturing unit in Sanand. This will help the brand make the transition with relative ease. Additionally, the company claims that it will make the necessary investments to reconfigure the plant to adapt to Tata Motors’ existing and future vehicle platforms.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, said, “The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors strong aspiration to further strengthen its market position in the Passenger Vehicles segment and to continue to build on its leadership position in the Electric Vehicle segment. It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future ready Atmanirbhar Bharat”.
“Today’s announcement marks an important step forward in Ford’s ongoing business restructuring in India, which is part of our Ford+ plan for strategic transformation. With the transfer of employment for eligible vehicle manufacturing employees included in the agreement, this milestone also highlights our best effort in caring for those impacted by the restructuring,” said Steve Armstrong, Transformation Officer of Ford Motor Company.
$(document).ready(function(){
$(‘#commentbtn’).on(“click”,function(){
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.10&appId=133005220097303″;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
$(“.cmntbox”).toggle();
});
});
Checkout latest world news below links :
World News || Latest News || U.S. News
The post Tata Motors EV brand buys Ford India’s Gujarat plant for Rs 726 crore appeared first on WorldNewsEra.