March 26, 2008 | Indian Express
Tata Motors acquires Jaguar, Land Rover
Homegrown auto major Tata Motors has clinched
the Jaguar and Land Rover (JLR) deal estimated to be
valued between 2-2.5 billion dollars.
According to sources close to the development, the deal was signed last evening and is estimated to have cost the Tatas between2-2.5 billion dollars.
When contacted a Tata Motors spokesperson said the company would make an announcement at an "appropriate time".
Ford on the other hand has been insisting that they would make public the deal only after it has informed its employees.
The sources said the formal announcement of the deal is likely to be made at 5.30 pm IST.
The deal has taken almost nine months to finalise as both Ford and Tata and their financiers sought to iron out issues seen as crucial to the future of the two British marques.
It is expected to cover long-term supply of engines to both brands from Ford.
During the race for JLR, in which India's Mahindra & Mahindra was also in running for sometime, Tatas gained the crucial support from Unite - main trade union of Jaguar and Land Rover.
Govt showers praise on Tatas for JLR deal
The Government today showered rich compliments on the Tata Group for acquiring Jaguar and Land Rover marque car brands and holding India's flag high in the highly competitive international business.
"My congratulations to the Tatas and entire corporate world as they have held India's private sector flag high. The world is looking at India," Commerce and Industry Minister Kamal Nath said in New Delhi.
He said homegrown Indian firms have demonstrated to the global business how competent and progressive they have become even in the midst of a slowdown.
"The most important thing is that world is recognizing India's credibility".
The Tata Motors has signed the Jaguar and Land Rover (JLR) deal with Ford last evening, which is estimated to be valued between 2-2.5 billion dollars.
While Mahindra and Mahindra was also in the race, the keenly-watched contest was limited to the Indian companies in its final stage.