India’s truck and car maker Tata Motors announced on Monday it had completed its acquisition of Jaguar and Land Rover from ailing United States car maker Ford for $2,3-billion in an all-cash transaction.
In a statement to the Mumbai Stock Exchange, the company said the deal includes the “ownership of Jaguar and Land Rover, all necessary intellectual property rights, manufacturing plants and two Britain-based advanced designing centres”.
Tata Motors had announced the deal earlier this year.
“Jaguar and Land Rover are two iconic brands with worldwide growth prospects. These brands will retain their distinctive identities,” Ratan Tata, chairperson of Tata Motors, said in the statement.
“We plan to work closely to support the Jaguar-Land Rover team in building the success and pre-eminence of the two brands,” he added.
David Smith, acting chief executive of Jaguar and Land Rover, will be the new chief executive, the statement said.
Long-term agreements have been forged for the supply of engines and other components to Jaguar-Land Rover.
Tata Motors is also set to launch the world’s cheapest car at just 100 000 rupees ($2 500) later this year. — I-Net Bridge