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

The agreement between the Indian automaker’s subsidiary Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) covers land, assets and all eligible employees. “With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders,” Tata Motors said in a statement.

The Jaguar Land Rover parent said the acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year that could increase to 420,000. 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.

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