Tata Motors Limited (NYSE: TTM) Tata Passenger Electric Mobility Limited (TPEML) and Ford Motor Co's (NYSE: F) Ford India Private Limited (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat. The acquisition includes entire land & buildings, the Vehicle Manufacturing Plant along with machinery and equipment situated therein, and the transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand,
"With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders," Tata Motors said in a statement. Ford had less than 2% of the Indian passenger vehicle market when it stopped production in the country last year, having struggled for more than two decades to generate profits.