For acquisition of Ford India's Sanand vehicle manufacturing unit
Tata Passenger Electric Mobility (TPEML), a subsidiary of Tata Motors, and Ford India (FIPL), have today signed a Memorandum of Understanding (MOU) with the Government of Gujarat (GoG) for the potential acquisition of FIPL's Sanand vehicle manufacturing facility including (i) Land & Buildings (ii) Vehicle Manufacturing Plant, Machinery and Equipment and (iii) transfer of all eligible employees of FIPL Sanand's vehicle manufacturing operations, subject to the signing of definitive agreements and receipt of relevant approvals.FIPL will operate its Powertrain manufacturing facilities by leasing back the land and buildings of the Powertrain unit from TPEML.
This MOU will be followed by signing of the definitive transaction agreements between TPEML and FIPL over the next few weeks
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