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BSE SENSEX
73,738.45
+89.83
+0.12 %
Corporate Announcement
Security Code
500570
Company
Tata Motors Ltd
Exchange Received Time
07/08/2022 23:10:55
Exchange Disseminated Time
07/08/2022 23:10:55
Time Taken
00:00:00
Announcement under Regulation 30 (LODR)-Press Release / Media Release |
08/07/22 23:10
We hereby wish to inform you that Tata Passenger Electric Mobility Limited, a subsidiary of Tata Motors limited and Ford India Private Limited have executed an Unit Transfer Agreement for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat which, inter-alia, includes: (i) entire land & buildings; (ii) Vehicle Manufacturing Plant along with machinery and equipment situated therein; and (iii) transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand [each of (i), (ii) and (iii) collectively referred to as 'Sanand Unit'] for a total consideration, exclusive of taxes, of ?725.7 crore. FIPL will continue to operate its Powertrain Manufacturing Facility by leasing back the land and buildings of the Powertrain Manufacturing Plant from TPEML on mutually agreed terms. TPEML has agreed to offer employment to the eligible employees of FIPL's Powertrain Manufacturing Plant in the event of FIPL's cessation of such operations.
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