Tata Motors accquired Jaguar and Land Rover

Tata Motors, a $7.2 billion company, on Wednesday acquired two iconic brands, Jaguar and Land Rover, in an all cash deal of $2.3 billion.

The company announced that it has entered into a definitive agreement with Ford Motor Company for the purchase of Jaguar Land Rover (JLR) comprising brands, plants and intellectual property rights.

The Tata Sons and Tata Motors chairman, Mr Ratan N. Tata, 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."

A few days ago Mr Tata had told a news channel that he was acquiring these two brands because "we are trying to take our place in the global arena. We are no longer a company that should be taken lightly".

The transfer of ownership to Tata Motors is expected to close by the end of the next quarter, subject to applicable regulatory approvals, the company said.