Tata Motors today said the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary will be completed on January 10, 2023.
In August this year, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant in Gujarat for Rs 725.7 crore.
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The acquisition included the entire land and buildings; vehicle manufacturing plant along with machinery and equipment and transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand.
"Pursuant to the fulfilment of the necessary condition precedents for the transaction, including receipt of relevant government approvals, the parties have decided to proceed towards completion of the transaction on January 10, 2023," Tata Motors said in a statement.
All eligible employees of FIPL's vehicle manufacturing plant have been offered employment with TPEML on terms, conditions and benefits of service similar to those that are currently availed by them, it added.
FIPL employees who have accepted its offer of employment will become TPEML employees with effect from January 10, 2023.
Tata Motors said its passenger and 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 new 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 3,00,000 units per annum which is scalable to 4,20,000 units per annum," the company said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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