India's Tata Motors said today that it has agreed to buy luxury brands Jaguar and Land Rover from Ford for about $2.3 billion.
Tata Motors said in a statement that Ford would contribute up to about $600m to Jaguar/Land Rover pension plans.
Tata Motors, India's top bus and truck maker, has been in talks with Ford since it was chosen as the front-runner to buy Jaguar and Land Rover a few days into 2008.
'We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact,' Tata Motors chairman Ratan Tata said in a statement.
Ford, which lost $2.7 billion in 2007 and $12.6 billion in 2006, is selling Jaguar and Land Rover to focus on turning around its loss-making operations in North America.
