Tata Passenger Electric Mobility Limited acquires Sanand plant of Ford India – Times of India
On August 7, 2022, Tata Passenger Electric Mobility Limited (a subsidiary of Tata Motors Limited) and Ford India Private Limited entered into an agreement for the transfer of ownership of Ford’s manufacturing plant located in Sanand, Gujarat. This includes the transfer of the entire land and buildings, vehicle manufacturing plant, machinery, and equipment, as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations at Sanand. The total cost of the acquisition, exclusive of taxes, is Rs 725.7 crores.
After fulfilling all necessary requirements, including obtaining necessary regulatory approvals, the transaction has now been completed, and TPEML (Tata Passenger Electric Mobility Limited) has taken ownership of the Sanand Property, the Vehicle Manufacturing Plant, and the Machinery. The employees who previously worked for Ford, and accepted TPEML’s employment offer, are now officially transferred and are employees of TPEML, effective January 10, 2023. TPEML extends a warm welcome to all these employees who have joined the company.
Tata Motors Passenger & Electric Vehicles business has delivered market-beating growth over the last few years and has strong plans to sustain this momentum with its robust pipeline of future-ready “New Forever” products and proactive 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 the entire land and buildings, vehicle manufacturing plant, machinery, and equipment, as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations at Sanand. The total cost of the acquisition is Rs 725.7 crores. With this acquisition, TPEML will have an additional state-of-the-art manufacturing capacity of 300,000 units per year, which is scalable to 420,000 units per year. The employees transferred are officially employees of TPEML as of January 10, 2023.
After fulfilling all necessary requirements, including obtaining necessary regulatory approvals, the transaction has now been completed, and TPEML (Tata Passenger Electric Mobility Limited) has taken ownership of the Sanand Property, the Vehicle Manufacturing Plant, and the Machinery. The employees who previously worked for Ford, and accepted TPEML’s employment offer, are now officially transferred and are employees of TPEML, effective January 10, 2023. TPEML extends a warm welcome to all these employees who have joined the company.
Tata Motors Passenger & Electric Vehicles business has delivered market-beating growth over the last few years and has strong plans to sustain this momentum with its robust pipeline of future-ready “New Forever” products and proactive 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 the entire land and buildings, vehicle manufacturing plant, machinery, and equipment, as well as the transfer of eligible employees of Ford’s vehicle manufacturing operations at Sanand. The total cost of the acquisition is Rs 725.7 crores. With this acquisition, TPEML will have an additional state-of-the-art manufacturing capacity of 300,000 units per year, which is scalable to 420,000 units per year. The employees transferred are officially employees of TPEML as of January 10, 2023.
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