A unit of Tata has completed the takeover of Ford India’s Sanand factory.
Tata Passenger Electric Mobility (TPEML) and Ford India Private (FIPL) signed a contract for the complex on Aug. 7, which will include all land and buildings, the car plant and its machinery and equipment, and the relocation of all eligible employees for $7.26 billion .$91.5 million).
In a statement, Tata said: “The parties completed the transaction today (January 10) and TPEML has acquired the Sanand property and the VM plant and machinery. In addition, all VM employees will be offered employment and those who accepted TPEML’s offer of employment have been transferred to TPEML and have become employees of TPEML effective today.”
“With existing capacity near saturation, this acquisition will free up additional production capacity of 300,000 units per year, scalable to 420,000 units per year.”