On August 7, 2022, Tata Passenger Electric Mobility Limited (TPEML) and Ford India Private Limited (FIPL) executed an agreement for the transfer of ownership of FIPL’s manufacturing plant located in Sanand, Gujarat. This includes the transfer of:
- The entire land and buildings, referred to as the “Sanand Property”
- The Vehicle Manufacturing Plant, including the machinery and equipment located within it, referred to as the “VM Plant and Machinery”
- And the transfer of all employees of FIPL’s vehicle manufacturing operations at Sanand, referred to as “Eligible VM Employees” The total cost of the transaction, exclusive of taxes, is Rs 725.7 crore (Seven Hundred Twenty Five Crores and Seventy Lakhs).
Following the completion of all necessary requirements, including obtaining necessary regulatory approvals, the transaction between Tata Passenger Electric Mobility Limited (TPEML) and Ford India Private Limited (FIPL) has been completed.
TPEML has now acquired the Sanand Property, VM Plant and Machinery, and have also made offers of employment to all VM Employees, who have accepted and have been transferred to TPEML, effective today January 10, 2023. TPEML extends a warm welcome to all newly transferred VM Employees.
The Tata Motors Passenger and Electric Vehicles business has achieved significant growth in recent years and has a strong strategy to continue this trend, with a pipeline of advanced “New Forever” products and proactive investments in electric vehicles. Given that current production capacity is approaching its limit, the acquisition of the Sanand property and VM Plant and Machinery from Ford India will provide an additional state-of-the-art manufacturing capacity of 300,000 units per year, which can be expanded to 420,000 units per year in the future.
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