Tata Motors will take control of all the land and buildings, the vehicle manufacturing plant and the machinery and equipment located therein and all employees.
Both parties have decided to proceed with the settlement of the transaction on January 10, 2023.
As part of the transaction, all eligible employees of the Ford India Private Limited vehicle manufacturing plant have been offered employment with TPEML with terms, conditions and service benefits similar to those currently available to them.
Tata Motors will expand its range of electric vehicles, with the Altroz EV and Punch EV. The manufacturer is also working on facelifts for the Safari and Harrier.