English
Ford Motor Co. has completed the sale of its luxury brands Jaguar and Land Rover to India"s largest auto company Tata Motors in a 2.3 billion USD deal. Ford acquired Jaguar in 1989 for 2.5 billion USD and Land Rover in 2000 for 2.75 billion USD.
As the years passed the losses of the two brands increased to a record-high 12.6 billion USD in 2006. As part of the deal, Ford will pay some 600 million USD to the Jaguar and Land Rover pension funds.
Tata Motors CEO Ratan N. Tata said they were very pleased to announce that Jaguar and Land Rover would join the company"s auto business, especially considering Tata"s respect for the two brands and firm intention to build on their heritage and competitiveness.
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