A Tata unit has completed its acquisition of Ford India’s factory in Sanand.
Tata Passenger Electric Mobility (TPEML) and Ford India Private (FIPL) had inked a deal last 7 August for the complex including all land & buildings, the car plant and its machinery and equipment plus the transfer of all eligible employees for INR7.26bn (US$91.5m).
In a statement Tata said “the parties have today (10 January) completed the transaction and TPEML has acquired the Sanand property and the VM plant and machinery. Additionally, all VM employees are offered employment, and those who have accepted TPEML’s offer of employment, have been transferred to TPEML and have become employees of TPEML with effect from today”.
“With existing capacities near saturation, this acquisition will unlock an additional manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.”