In line with the earlier announcement, the Tata Passenger Electric Mobility Limited and Ford India Private Limited have inked the Unit Transfer Agreement for the acquisition of the latter's plant in Gujarat for Rs 725.70 crore.
In a regulatory filing on Sunday, Tata Motors - the parent of Tata Passenger Electric - said the Ford India's plant in Sanand in Gujarat includes (i) entire land & buildings; (ii) Vehicle Manufacturing Plant along with machinery and equipment situated and (iii) transfer of all eligible employees of Ford India's vehicle manufacturing operations.
The Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric.
The Tata Passenger Electric has agreed to offer employment to the eligible employees of Ford India's power train unit when the latter stops such operations.
Meanwhile, the fate of Ford India's plant near Chennai continues to be in suspense.