Tata Motors buys Ford’s factory: Tata Motors has begun to enter the electric vehicle market. Tata Motors has acquired Fords India’s defunct vehicle manufacturing plant at Sanand, Gujarat for Rs 725.7 crore. According to the agreement between Ford India and Tata Motors, the factory premises, buildings, vehicle manufacturing units, machines and staff will be taken over by Tata Motors.
Tata Motors buys Ford’s factory
According to the agreement, Ford will continue to build its powertrain plant. The building and land of this project will be leased again from Tata Motors. Also, no employee of Ford India working at the factory will be fired from Tata Motors, Tata Motors has clarified. Due to this, 3 thousand employees will get direct employment.
Know more about Tata Motors buys Ford’s factory
The Sanand plant of Ford India is spread over 350 acres. Whereas, the engine manufacturing factories are located in 110 acres. In May this year, Tata Motors received approval to take over Ford’s passenger car manufacturing plant. Union Cabinet has also approved this proposal. Ford Motor Company announced last year to wrap up its business from India.
Meanwhile, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, commented, “Tata Motors will accelerate the growth and development of the Indian automotive industry by taking progressive steps towards building a self-reliant India”.