Tata Motors Of India Buys Jaguar, Land Rover From Ford Motor Co.
The price is about one-third of what Ford paid for the two brands. According to the Associated Press, the transaction will “expand the Indian carmaker’s reach around the globe and give Jaguar and Land Rover capital to update and expand their product lines.” The sale had been in the works for months as Ford sought money to fund its turnaround plan. Tata will pay $2.3 billion for the British brands, but Ford will pay about $600 million into the Jaguar-Land Rover pension fund when the deal closes, Tata’s statement said. Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. Tata said it expects no significant changes in the terms of employment for Jaguar
Read more