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The investment will go into a new slitter which will allow the Hartlepool site to process coils of steel delivered from Tata's Port Talbot steelmaking site in South Wales. All of the steel products made at the site, where almost 300 people work producing up to 200,000 tonnes of steel tubes a year, are 100 per cent recyclable and the investment is forecast to pay for itself in less than three years.
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Under the agreement, the homegrown automaker will pay over INR 725 crore and the acquisition includes entire land & buildings, Vehicle Manufacturing Plant along with machinery and equipment situated therein; and (iii) transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand.
The company will stop producing Jazz after October 2022 while the crossover WR-V will not be produced beyond March 2023. The carmaker will also stop the production and sale of the 4th Generation Honda City by December 2022 in the country. However, the 5th generation of the sedan will continue to be available in the market, a source in the know of things told ETAuto.
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