Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors Ltd, on Sunday signed an agreement to acquire the manufacturing plant of Ford India Private Limited (FIPL) at Sanand in Gujarat for a total consideration of ₹725 crore (excluding taxes), an official statement said.
The deal includes land, buildings, a vehicle manufacturing facility and machinery and transfer of eligible employees of FIPL Sanand’s operations.
As part of the deal, FIPL will continue to operate its powertrain manufacturing facility at Sanand by leasing back the land and buildings from TPEML on mutually agreed terms. TPEML has agreed to offer employment to eligible employees of the powertrain plant in the event of FIPL’s cessation of such operations, the company said.
