New Delhi, Mar 26 (UNI) After months of speculation and several postponements, home grown Tata Motors today said it has acquired Jaguar and Land Rover (JLR) from Ford Motors for 2.3 billion dollars, making it the largest acquisition by an Indian company in the automobile sector.
Ford will continue to supply power train, stamping and other components as well as engineering support and research and development (R&D).
The deal will have no change in terms of employment for the current employees of JLR.
Ford acquired Jaguar for 2.5 billion dollars in 1989 and Land Rover for 2.75 billion dollars in 2000 but put them on the market last year after posting losses of 12.6 billion dollars in 2006 - the heaviest in its 103-year history.
Tata was named by Ford as the preferred bidders after it beat off competition from fellow-Indian competitor Mahindra&Mahindra and an American buy-up specialist One Equity, headed by former Ford Chief Executive Jacques Nasser.
UNI PBB MP AS1737