Tata buys Jaguar & Land Rover
Its official. India’s Tata Motors has finally bought Jaguar and Land Rover from Ford Motors. The exact pricing is to be unveiled today. But estimates are around 1 billion pounds. Finally after months of intense negotiations, Tata Motors will lay hands on two of the world’s most iconic automobile brands. The product profile of Tata Motors will now include the world’s cheapest car, Nano to expensive products like the Jaguar and Land Rover.
Earlier, there was news that Ratan Tata was interested in taking a stake in Ferrari. With this deal, the Tata group now holds on to some of the most iconic brands in the world which include Corus Steel, Tetley Tea, Ritz Carlton hotel in Boston, Jaguar and Land Rover.
Thousands of workers at Jaguar and Land Rover plants are expected to be told today that the marques have been sold to the Indian conglomerate Tata.
It is understood that a deal between Tata and Ford over the sale of two of the best known names in British car making was concluded last night after months of painstaking negotiations.
Ford refused to confirm a deal had been signed last night, saying any significant development had to be communicated to employees first. However, formal confirmation that the two sides have reached agreement is expected via simultaneous announcements in India, Britain and the US at around noon GMT today.
The companies have been in detailed negotiations for almost three months after Tata emerged as the leading bidder, ahead of rivals One Equity, a private equity concern, and automotive group Mahindra and Mahindra.
Yesterday the two sides were refusing to be drawn on reports from India that Tata had agreed to pay $2.65bn (£1.3bn) for the marques. The Reuters news agency quoted a source close to the deal as saying: “That figure of $2.65bn is highly unlikely. You have to come south from that by quite a bit.”
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