New Delhi, Jun 2 (UNI) Tata Motors today said it has completed the 2.3 billion dollar acquisition of the Jaguar and Land Rover brands from Ford Motor Company.
The all-cash deal which was agreed in March, includes all necessary intellectual property rights, manufacturing plants, two advanced design centers in the UK and a worldwide network of sales companies, a company statement said.
Long-term agreements have been entered into for the supply of engines, stampings and other components, it added.
''Jaguar and Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before,'' company Chairman Ratan Tata said in the statement.
We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years, he added.
David Smith, the acting chief executive of Jaguar and Land Rover, will be the new chief executive, it said.
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