The transaction is completed and Tata Motors’ subsidiary has acquired the Sanand property, the vehicle manufacturing plant and the machinery
Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors Limited (TML), recently announced that it completed the acquisition of Ford India’s Sanand plant. Notably, in August last year, the companies executed a Unit Transfer Agreement for the purchase of FIPL’s manufacturing plant situated at Sanand, Gujarat. It included the entire land & buildings, the Vehicle Manufacturing Plant along with machinery and equipment situated therein, and the transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand, for a total consideration, exclusive of taxes, of Rs 725.7 crores.
An official notification stated that after the fulfilment of the necessary condition precedents, including receipt of relevant regulatory approvals, the parties completed the transaction and TPEML acquired the Sanand property and the vehicle manufacturing plant and machinery.
It is also learnt that all VM Employees are offered employment, and those who have accepted TPEML’s offer of employment, have been transferred to TPEML and have become employees of TPEML.
Part of the USD 128 billion Tata group, Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering a range of integrated, smart and e-mobility solutions. Its R&D centres are in India, the UK, the US, Italy and South Korea. With a focus on engineering and tech-enabled automotive solutions, the company is pioneering India’s Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions.
