Tata Motors is now in the luxury car and truck business—finally—with a signed agreement to buy the Ford Motor Company’s Jaguar and Land Rover brands for $2.3 billion. The deal is expected to close by the end of the second quarter after some final leaps through legal hoops.
The Indian carmaker that made headlines for introducing the $2500 Tata Nano in January will add to its portfolio a lineup of rugged luxury Land Rover SUVs and sleek Jags that can run as high as $100,000.
Ford said today that it has entered into a “definitive agreement” to sell the British brands that were once part of its much-touted Premier Automotive Group, which included Lincoln and Aston Martin when it formed in 1999 and subsequently dropped Lincoln but added Volvo, to the Indian industrial group. Only Volvo remains under Ford stewardship.
Workers are assuaged with the promise Ford will contribute about $600 million to Jaguar and Land Rover pension plans.
In talks leading up to the sale, Ford sought—and says it found—a buyer committed to preserving the brands and keeping much of the workforce (white- and blue-collar) intact.
“We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact,” confirms Tata chairman Ratan Tata, in a statement.Tata Buys Jaguar and Land Rover from Ford - Car News - Car and Driver
Tata Motors to buy Jaguar, Land Rover for $2.3B - ABC News
Jaguar leaps to boost Tata sales - The National
Tata Motors buys Jaguar and Land Rover from Ford - YouTube
http://www.youtube.com/watch?v=DG1ioYejzZA
The Indian carmaker that made headlines for introducing the $2500 Tata Nano in January will add to its portfolio a lineup of rugged luxury Land Rover SUVs and sleek Jags that can run as high as $100,000.
Ford said today that it has entered into a “definitive agreement” to sell the British brands that were once part of its much-touted Premier Automotive Group, which included Lincoln and Aston Martin when it formed in 1999 and subsequently dropped Lincoln but added Volvo, to the Indian industrial group. Only Volvo remains under Ford stewardship.
Workers are assuaged with the promise Ford will contribute about $600 million to Jaguar and Land Rover pension plans.
In talks leading up to the sale, Ford sought—and says it found—a buyer committed to preserving the brands and keeping much of the workforce (white- and blue-collar) intact.
“We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact,” confirms Tata chairman Ratan Tata, in a statement.Tata Buys Jaguar and Land Rover from Ford - Car News - Car and Driver
Tata Motors to buy Jaguar, Land Rover for $2.3B - ABC News
Jaguar leaps to boost Tata sales - The National
Tata Motors buys Jaguar and Land Rover from Ford - YouTube
http://www.youtube.com/watch?v=DG1ioYejzZA
