Tata Motors to buy Ford India's manufacturing plant for $91 million

Tata Motors (NYSE:TTM) Ltd signed an agreement on Sunday to buy Ford Motor's (NYSE:F) manufacturing plant in the western state of Gujarat for 7.26 billion rupees ($91.5 million).

The deal between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) includes land, assets and all eligible employees. "With our production capacity approaching saturation, this acquisition is timely and a win-win for all stakeholders," Tata Motors said in a statement. Jaguar Land Rover's parent company said the acquisition of the Sanand plant could increase its production capacity from 300,000 units a year to 420,000. Ford had less than 2% of the Indian passenger car market when it halted production in the country last year and has struggled to turn a profit for more than two decades.

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