- Tata Motors Limited TTM Tata Passenger Electric Mobility Limited (TPEML) and Ford Motor Co's F Ford India Private Limited (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat.
- The acquisition includes entire land & buildings, the Vehicle Manufacturing Plant along with machinery and equipment situated therein, and the transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand, for a total consideration, exclusive of taxes, of Rs 725.7 Crores (~$91 million).
- FIPL will continue to operate its Powertrain Manufacturing Facility by leasing back the land and buildings of the Powertrain Manufacturing Plant from TPEML on mutually agreed terms.
- The deal will unlock a manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.
- Also Read: Tata Motors Records 51% Growth In July Vehicle Sales
- Price Action: TTM shares closed lower by 1.18% at $29.22 on Friday.
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