Ford India

ArcelorMittal Nippon Steel and JSW Steel are fighting it out for NMDC's steel plant, while Tata inches closer to the iPhone plant acquisition

The two Detroit majors are struggling with lingering employee problems as they seek to drive out of the Indian market

Tata Motors on Tuesday said the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary has been completed. In August last year, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for Rs 725.7 crore. With the fulfilment of the necessary conditions, including receipt of relevant regulatory approvals, the parties have completed the transaction and TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery, Tata Motors said in a regulatory filing. Additionally, all the vehicle manufacturing employees were offered employment, and those who have accepted TPEML's offer of employment, have been transferred to the company and have become employees of TPEML with effect from January 10, it added. The acquisition included the entire land and buildings; vehicle manufacturing plant along with machinery and equipment and transfer of all eligible

Group rejects company's severance package as it winds up business in country

All eligible employees of Ford India's vehicle making plant have been offered jobs at TPEML on terms, conditions and benefits of service similar to those currently availed by them

Tata Motors on Friday 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. 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 ..

Ford India, the subsidiary of the US car maker Ford on Saturday said it has concluded negotiations on the 'severance settlement package' with the employees of its manufacturing plant near here, a year after it announced that it would exit the Indian market as part of the company's 'restructuring exercise.' Ford India Transformation Officer Balasundaram Radhakrishnan handed over the updated settlement agreement to the office bearers of the Chennai Ford Employees Union representing the 2,592 employees on Friday, a statement from the company said. "The severance settlement agreement, signed between Ford and the Union today (Friday) is an important milestone and a win-win for everyone involved. I thank the team at Ford as well as the Chennai Ford Employees Union for negotiating in good faith and arriving at a settlement outcome that keeps the best interest of employees," Radhakrishnan said. The company, in view of the forthcoming festive season has also decided to pay an additional amou

The Indian arm of US carmaker Ford, which had last year decided to exit from the country, saw widening of its loss after tax to Rs 4,229 crore in fiscal 2021-22, according to data provided by business intelligence platform Tofler. Ford India Pvt Ltd had posted a loss after tax of Rs 188 crore in 2020-21. The widening of loss was primarily driven by restructuring and included exceptional items outgo of Rs 4,226 crore. Revenue from operations in FY22 stood at Rs 10,202 crore as against Rs 12,057 crore in FY21, down 15 per cent. The total revenue from operations included domestic sale of Rs 2,399 crore, which was 49 per cent lower than the prior year's figure of Rs 4,742 crore, as per regulatory filings by Ford India Pvt Ltd. "Financial performance for the current year is largely impacted by restructuring decision announced in September 2021. The decision resulted in exit from vehicle and engine manufacturing operations at Chennai and vehicle manufacturing operations at Sanand," the

Ford India, the subsidiary of United States-based automaker Ford on Thursday said it has arrived at a settlement with the employees union on the severance package following the company's decision to shut its Tamil Nadu plant as part of a restructuring exercise. Accordingly, the company would revise the final severance settlement to an average equivalent of 140 days of gross wages per completed year of service from the ongoing offer of 130 days. "An additional one-time lump sum of Rs 1.50 lakh will also be included in the final settlement." Ford India said in a statement. A cumulative severance package for each employee would range from Rs 34.50 lakh up to Rs 86.50 lakh and the revised settlement would translate to an average of about 5.1 years or 62 months salary for each employee, the company said. Ford India said the formal settlement agreement has been planned to be executed before the end of this month and employees would be notified on the next steps towards completing the ex

Company will revise final severance pay to 140 days of gross wages per completed year of service, compared with 130 days earlier. A one-time lump sum of Rs 1,50,000 will be paid as well

It is on average equivalent to 130 days of gross wages per completed year of service, firm says

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The Tata Group flagship corners 80 per cent share in the e-passenger vehicle market and it's looking at a 5x jump in sales by end of next financial year

The plant offers 3,043 direct jobs and 20,000 indirect jobs

Ford India had increased its offer from 87 days to 124 days of average equivalent wages per completed years of service

Company revises severance package to 121 days from 115 earlier

At a time when the workers of two car manufacturers are negotiating severance package and wage revision, Hyundai Motors India Ltd has announced the inking of wage agreement with its worker's union

The factory located at Maraimalai Nagar on the outskirts of the city has been witnessing labour unrest since May 30 over the compensation offered by the management

Automobile firm is finalising a severance package with 2,000 employees working at the factory

Buzz is that the company may look at the Ford India unit near Chennai for its new facility; sources say group was already betting big in EV components through Bharat FIH