Business
Gujarat: Tata Motors To Take Over Ford's Manufacturing Plant In Sanand
Ford Motor's passenger car manufacturing plant in Sanand
Tata Motors is set to take over Ford Motor's passenger car manufacturing plant in Sanand, Gujarat.
The state cabinet headed by Chief Minister (CM) Bhupendra Patel had approved the proposal to take this deal ahead earlier this week. The two carmakers will sign a memorandum of understanding (MoU) regarding the same on Monday in the presence of CM Patel.
"The Gujarat cabinet's approval is only a green signal. The companies are still in talks to work out the nitty-gritties with regard to the deal size, labour issues, financials, and duties and benefits involved in the takeover. Once the two firms agree, a definitive agreement may be inked between the two automakers," a source in the know of developments was quoted in a report by The Economic Times.
Ford announced its plans to exit the Indian market in September. However, its production unit in Sanand ceased operations only last month. In April itself, the US automaker dropped its plans to develop electric vehicles (EV) in India.
Ford was, in fact, one of the 20 companies that had signed the Champion Original Equipment Manufacturer (OEM) Incentive Scheme under the PLI project with the centre in February 2022. However, it may now pull out its application, given that the company isn't going to invest in India.
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