BUSINESSTata Motors signs MoU for takeover of Ford Motor’s Sanand, Gujarat plant The Hindu Bureau

Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors Ltd, and Ford India Private Ltd (FIPL), have entered into a Memorandum of Understanding (MOU) with the Government of Gujarat (GoG) for the potential acquisition of FIPL’s Sanand vehicle manufacturing facility including Land & Buildings, Vehicle Manufacturing Plant, Machinery and Equipment and transfer of all eligible employees of FIPL Sanand’s vehicle manufacturing operations, subject to the signing of definitive agreements and receipt of relevant approvals.

As per the MoU, FIPL will operate its Powertrain manufacturing facilities by leasing back the land and buildings of the Powertrain unit from TPEML.

TPEML would invest into new machinery and equipment which is necessary to commission and make the unit ready to produce its vehicles.