Tata Motors' electric vehicle subsidary Tata Passenger Electric Mobility has acquired a Ford India manufacturing plant located at Sanand in Gujarat for a total consideration of Rs 725.7 crore.

Tata Motors said late Sunday night in a regulatory filing that the sale comprises land and buildings, a vehicle production plant along with machinery and equipment, as well as the transfer of all qualified workers of the vehicle manufacturing activities at Sanand.

The stock exchange statement said that Ford India will continue to run its Powertrain Manufacturing Facility by leasing the land and buildings of the Powertrain Manufacturing Plant back from the Tata Motors subsidiary on mutually agreeable terms. "The purchase will only be finalised once all necessary government clearances have been obtained and usual preconditions have been met. 

On May 30, 2022, the Gujarati government, TPEML, and FIPL signed a tripartite memorandum of understanding (MoU) to support all necessary permissions for the aforementioned transaction "it declared.

This agreement is anticipated to allow Tata Motors to access a state-of-the-art manufacturing capacity of 300,000 units annually, with room to grow to 420,000 units annually. Tata will invest the money required to restructure the factory to meet its requirements. A smooth transfer should be made possible by the unit's proximity to Tata Motors Passenger Vehicles' current Sanand production facility.

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