Tata Passenger Electric Mobility ("TPEML") is a subsidiary of Tata Motors.
TPEML and Ford India (FIPL) had executed a unit transfer agreement on 7 August 2022 for acquisition of Ford India's manufacturing plant situated at Sanand, Gujarat for Rs 725.70 crore.The acquisition includes entire land & buildings ("Sanand Property"); vehicle manufacturing plant along with machinery and equipment situated therein ("VM Plant and Machinery"); and transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand ("Eligible VM Employees").
The parties have 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 10 January 2023.
"Tata Motors Passenger & 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 future ready New Forever products and proactive investments in electric vehicles. 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," the company said in a statement.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.
Shares of Tata Motors surged 6.07% to Rs 413.05 on Tuesday, 10 January 2023.
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