Friday, March 1, 2024

US fighter jet shot down an unidentified object 40,000 feet high

Vivid News 24: Six days after the downing...

Sidharth Malhotra and Kiara Advani host reception party in Delhi

Vivid News 24: On social media, previously unreleased...

Tata Motors to complete acquisition of Ford India manufacturing plant on Jan 10

Vivid News 24: On Friday, Tata Motors announced that the purchase of Ford India’s Sanand manufacturing facility through a subsidiary would be finalized on January 10, 2023. On August 7, 2022, the subsidiary, Tata Passenger Electric Mobility Limited (TPEML), announced that it would purchase the Sanand facility in Gujarat, owned by Ford India Pvt Ltd (FIPL), for $725.7 crore.

The transfer of all qualified staff from FIPL’s car manufacturing operations at Sanand was also part of the acquisition, along with the complete plot of land, all buildings, the vehicle manufacturing plant’s machinery, and equipment.

“The parties have resolved to move towards completion of the deal on January 10, 2023,” Tata Motors stated in a statement. “This is subject to the fulfillment of the requisite condition precedents for the transaction, including receipt of applicable government clearances.”

Also Read kfin technologies IPO listing date today

According to the statement, TPEML has extended employment offers to all qualified workers at FIPL’s vehicle production facility on terms, conditions, and perks of service that are comparable to those that they presently enjoy.

With effect from January 10, 2023, FIPL personnel who have accepted its offer of employment will become TPEML employees. With a solid pipeline of new products and aggressive investments in electric vehicles, Tata Motors said that its passenger and electric vehicles division has produced “market-beating growth over the last few years.” Tata Motors also added that it has strong plans to maintain this pace.

According to the company, “with existing capacities close to saturation, this acquisition will unlock an additional cutting-edge manufacturing capacity of 3, 00,000 units per year which is expandable to 4, 20,000 units per year.” The Managing Director of Ford India stated that “the decision was strengthened by years of cumulative losses, continuing industry overcapacity, and lack of expected development in India’s automotive market.”

In the middle of the 1990s, Ford and Hyundai entered the Indian market. But the two companies’ outcomes are different. Ford stopped producing cars as Hyundai grew to become the second-largest automaker in the country.

Also Read Jet Airways pilot cabin crew resign amid uncertainty

Vivid News-24 Desk
Vivid News-24 Deskhttps://vividnews24.com
Vivid News-24 News India's new growing news website. Which provides some specific categories of news, top world news, entertainment, sports, new technology, politics etc.
Latest news
Related news

LEAVE A REPLY

Please enter your comment!
Please enter your name here