Mumbai-based Tata Motors has bought Jaguar and Land Rover from Ford Motor Company for $2.3 billion. Ford will contribute $600 million towards pension plans of the two brands, a statement released today stated.
As per the agreement Tata Motors will buy out assets of Jaguar and Land Rover, which comprising brands, plants and Intellectual Property Rights (IPR).
The transfer of ownership to Tata Motors is expected to close by the end of the next quarter, subject to applicable regulatory approvals.
Ratan N Tata, chairman, Tata Sons, 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. We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business.”
As part of the transaction, Ford will continue to supply Jaguar Land Rover for differing periods with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies. Ford also has committed to provide engineering support, including research and development, plus information technology, accounting and other services.
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