On August 7, 2022, Tata Passenger Electric Mobility Limited (subsidiary of Tata Motors Limited) And Ford India Private Limited Inked an agreement for transfer of ownership of Ford’s manufacturing plant located in Sanand, Gujarat. This includes the transfer of entire land and buildings, vehicle manufacturing plant, machinery and equipment, as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations in Sanand. The total cost of acquisition, excluding taxes, is Rs 725.7 crore.
The transaction is now complete, after completing all necessary requirements including obtaining necessary regulatory approvals, and tpeml (Tata Passenger Electric Mobility Limited) has taken over the ownership of the Sanand property, vehicle manufacturing plant and machinery. Those employees who previously worked for Ford, and accepted TPEML’s employment offer, are now officially transferred and are TPEML employees effective January 10, 2023. TPEML warmly welcomes all these employees to join the company.
Tata Motors’ Passenger & Electric Vehicles business has shown market-beating growth over the past few years and has strong plans to maintain this momentum with a strong pipeline of future-ready “New Forever” products and active 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.
The acquisition includes the transfer of entire land and buildings, vehicle manufacturing plant, machinery and equipment as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations in Sanand. The total cost of acquisition is Rs 725.7 crore. With this acquisition, TPEML will have an additional state-of-the-art manufacturing capacity of 300,000 units per annum, which can be scaled up to 420,000 units per annum. The transferred employees are officially employees of TPEML as of January 10, 2023.
The transaction is now complete, after completing all necessary requirements including obtaining necessary regulatory approvals, and tpeml (Tata Passenger Electric Mobility Limited) has taken over the ownership of the Sanand property, vehicle manufacturing plant and machinery. Those employees who previously worked for Ford, and accepted TPEML’s employment offer, are now officially transferred and are TPEML employees effective January 10, 2023. TPEML warmly welcomes all these employees to join the company.
Tata Motors’ Passenger & Electric Vehicles business has shown market-beating growth over the past few years and has strong plans to maintain this momentum with a strong pipeline of future-ready “New Forever” products and active 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.
The acquisition includes the transfer of entire land and buildings, vehicle manufacturing plant, machinery and equipment as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations in Sanand. The total cost of acquisition is Rs 725.7 crore. With this acquisition, TPEML will have an additional state-of-the-art manufacturing capacity of 300,000 units per annum, which can be scaled up to 420,000 units per annum. The transferred employees are officially employees of TPEML as of January 10, 2023.