With
the proposed investments, it would establish an installed capacity of 300,000
units per annum, which would be scalable to more than 400,000 units. Tata
Motors anticipates this to take a few months. This MOU for a potential
acquisition of this unit, is a win-win for all stakeholders and helps Tata
Motors accelerate the enhancement of its PV/EV manufacturing capacity. This
unit is adjacent to the existing manufacturing facility of Tata Motors
Passenger Vehicles Ltd at Sanand, which should help in a smooth transition.
Announcing
the signing of this MoU, Dr. Rajiv Kumar Gupta, IAS, Additional Chief
Secretary, Government of Gujarat, said, “This MoU is intended to catalyse a
win-win for all the stakeholders and ensure a smooth transition. This effort
reinforces Gujarat’s image as a progressive, investment-friendly state and its
resolve to further strengthen the state as a leading automotive hub in the
country. It will boost the confidence of the international investment
community, reinforce Gujarat’s position as the top investment destination in
the country and further strengthen the Atmanirbhar vision of our Hon’ble Prime
Minister.”
Shailesh
Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata
Passenger Electric Mobility Limited, said, “Tata Motors has a strong presence
in Gujarat for more than a decade with its own manufacturing facility at
Sanand. This MoU further reinforces our commitment to the state by creating
more employment and business opportunities. Rising customer preference for
passenger and electric vehicles made by Tata Motors has led to a multi-fold
growth for the company over the past few years. This potential transaction will
support expansion of capacity, thus securing future growth and opportunity to
further strengthen our position in the passenger and electric vehicles space.”
This
MOU will be followed by signing of the definitive transaction agreements
between TPEML and FIPL over the next few weeks.