Ford Motor has found a buyer for its plant in India in the city of Sanand - these assets will be bought by the local auto giant Tata Motors, which will convert the site for the production of electric vehicles.
Tata decided to buy the whole plant - with all buildings and equipment, it is also planned to hire back some of the laid-off staff. The transaction amount is $91 million. Ford got rid of this asset at a big discount, because 10 years ago it invested about $1 billion in the creation of the complex. Up to 300,000 cars and up to 270,000 internal combustion engines can be produced at this site annually. Interestingly, Ford plans to rent Tata's engine shop for some time to produce engines for export.
Recall that Ford decided to leave the Indian market in September 2021, this is part of the program for the global recovery of the business of the American concern. As part of it, the concern left the Russian passenger car market in 2019, and closed all its car factories in Brazil in 2021.
In India, Ford lost the competition to Japanese, Korean and local companies.
It should be noted that this is not the first time that Tata has bought assets from Ford - in 2008, the Indian concern acquired the British companies Jaguar and Land Rover from the Americans. Since then, Tata has been successfully developing them.
Ford has found someone to "share off" one of its closed factories
