New Delhi:
The owner of the Jaguar Land Rover already owns India’s emerging electric car market, which the government is trying to expand by offering companies billions of dollars in benefits.
The memorandum of cooperation announced on Monday covers the land, property and all eligible staff members of the Sanand facility. The financial details of the agreement were not disclosed.
Tata said he would invest in new equipment and machinery in the power utility industry and expected the facility to have 300,000 production capacity per year once the work was completed. Capacity can increase to more than 400,000 units.
“The growing popularity of Tata Motors ‘customers’ and electric vehicles has led to repeated growth … this transaction is likely to support the expansion,” said Shailesh Chandra, managing director of Tata Passenger Electric Mobility.
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Tata last year raised $ 1 billion from the private company TPG through its EV business and competes in space with Mahindra and Mahindra.
Sanand interest in the factory follows the decision by American company Ford last year to suspend production in India, where it had a less than 2% share in the passenger car market and struggled to make a profit for more than two decades.
Ford said earlier this month they were looking for options for their two factories in South Africa when they closed plans to make electric cars in India for export.
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