By Bernama
London : India’s Tata Motors Wednesday acquired Ford’s British marquees Jaguar and Land Rover for US$2.30 billion dollars in an all cash deal, sealing a deal that it pursued for nine months, Press Trust of India (PTI) reported.
Under the deal, Tata would continue to source engine from Ford, which would be paying about US$600 million dollars toward the pension liabilities of Jaguar-Land Rover employees.
Commenting on the deal, Tata Sons Chairman Ratan Tata said: “We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business.
“We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact,” Tata said.
Ford Motor CEO and President Alan Mulally said: “Jaguar and Land Rover are terrific brands… we are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata’s stewardship.
“Now it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Co. that delivers profitable growth for all,” he said.