Tata Motors announced on Tuesday that it had completed the acquisition of Ford India’s manufacturing plant in Sanand through its subsidiary. Last year, the company announced the acquisition, stating that Tata Passenger Electric Mobility Ltd (TPEML) would pay 725.7 crores to Gujarat-based Ford India Pvt Ltd (FIPL).
The parties completed the transaction after fulfilling the necessary conditions, including receiving relevant regulatory approvals. TPEML acquired the Sanand property and TPEML acquired the Sanand property as well as the vehicle manufacturing plant and machinery, Tata Motors said in a regulatory filing.
Furthermore, all vehicle manufacturing employees were offered employment, and those who accepted TPEML’s offer of employment were transferred to the company and became TPEML employees on January 10, it added.
The acquisition included the entire land and buildings, the vehicle manufacturing plant, machinery, and equipment, as well as the transfer of all eligible employees from FIPL’s vehicle manufacturing operations in Sanand.