Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million). The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand.

Tata Motors to acquire Ford’s Indian manufacturing plant for over $91 million

Last year in September, US carmaker Ford announced that it will stop manufacturing vehicles in India due to accumulating losses of more than $2 billion. Ford had two manufacturing plants in India - one in Sanand (Gujarat) and one in Chennai (Tamil Nadu).

In electric vehicle push, Ford's closed factories in India may be reopened: Report

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Tata Motors to acquire Ford’s Indian manufacturing plant for over $91 million

In electric vehicle push, Ford's closed factories in India may be reopened: Report