Tata Motors’ EV subsidiary buys Ford’s Sanand plant for Rs 725 crore
Tata Passenger Electric Mobility Ltd (TPEML), a Tata Motors subsidiary has bought the Ford India’s manufacturing plant situated at Sanand, Gujarat, including entire land and buildings, vehicle manufacturing plant along with machinery and equipment for a consideration of Rs 725.7 crore, Tata Motors said in a late night notification to the stock exchanges. The two companies signed a unit transfer agreement (UTA) for the same on Sunday. As part of the agreement all the eligible employees at the unit will be transferred to Tata Motors.
Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from TPEML on mutually agreed terms.
