Tata Motors Passenger Vehicles Ltd.
BSE: 500570 | NSE: TMPV
Large Cap | Automobiles - Passenger Cars
342.30
4.20 (1.24%) Tata Motors informs about press release
Date: 08-08-2022Tata Motors has informed that Tata Passenger Electric Mobility, a subsidiary of Tata Motors and Ford India have executed an Unit Transfer Agreement for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat which includes: entire land & buildings; Vehicle Manufacturing Plant along with machinery and equipment situated therein; and transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand for a total consideration, exclusive of taxes, of Rs 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. A press release marked as Annexure II is also enclosed.
The above information is a part of company’s filings submitted to BSE.