Ford says Tata to Jaguar and Land Rover
26/03/08 13:07 Filed in: Motoring
One of the most open secrets in the
motor industry was confirmed at today when the Ford Motor Company made the official
announcement of the sale of Jaguar and Land Rover to Tata Motors of India.
The US $2.3 billion deal will provide a welcome boost for Ford's finances and should end the uncertainty about the immediate future for the British brands. In addition to their car manufacturing business Tata recently took over steel maker Corus and are also the company behind the Tetley Tea brand.
Tata are already active in the mainstream and 4x4 sector. Seen here is the Tata Safari.
Commenting on the acquisition, Ratan Tata, Chairman of Tata Sons and Tata Motors, 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."
The US $2.3 billion deal will provide a welcome boost for Ford's finances and should end the uncertainty about the immediate future for the British brands. In addition to their car manufacturing business Tata recently took over steel maker Corus and are also the company behind the Tetley Tea brand.
Tata are already active in the mainstream and 4x4 sector. Seen here is the Tata Safari.
Commenting on the acquisition, Ratan Tata, Chairman of Tata Sons and Tata Motors, 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."
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