Kamal Nath congratulates Tatas over JLR dealMarch 26th, 2008 - 5:47 pm ICT by admin
New Delhi, March 26 (ANI): Commerce and Industry Minister Kamal Nath today congratulated the Tata Group for successfully acquiring the Jaguar and Land Rover (JLR) car brands from Ford.
Kamal Nath said: “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.”
He said the most important thing is that the world is recognising India`s credibility, adding that homegrown Indian firms have demonstrated to global business how competent and progressive they have become even in the midst of a slowdown.
Auto major Tata Motors clinched the JLR deal from Ford last evening for an estimated value of between 2 to 2.5 billion US dollars.
The deal took 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.
The deal is expected to cover the long-term supply of engines to both brands from Ford.
During the race for JLR, India’s Mahindra and Mahindra was also in the race. The keenly watched contest was limited to Indian companies in its final stage. (ANI)
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