Ford India Sanand Plant acquired by Tata Motors
Sanand: Tata Passenger Electric Mobility Limited (TPEML) and Ford India Private Limited consented for a Unit Transfer Arrangement (UTA) for the procurement of the Ford India’s Sanand production plant in Sanand of state Gujarat.
The agreement between two parties incorporates whole land and structures, the vehicle producing office as well as the hardware and gear inside with eligible employees working in the plant to be acquired by Tata Motors. India’s auto major acquired the office from Ford for an amount of Rs. 725.7 crore selective of charges, the organization said in an explanation.
Declaring about the acquisition, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, said, “The concurrence with FIPL marked today is helpful to all partners and reflects Tata Motors’ solid desire to additionally fortify its market position in the Passenger Vehicles portion and to keep on expanding on its administrative role in the Electric Vehicle fragment.
Steve Armstrong, Transformation Officer of Ford Motor Company, said, “The present declaration denotes a significant step in the right direction in Ford’s continuous business rebuilding in India, which is important for our Ford+ plan for vital change. With the exchange of work for qualified vehicle producing representatives remembered for the understanding, this achievement likewise features our maximum effort in focusing on those affected by the rebuilding.
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