Tatas formally take over Jaguar, Land Rover

June 2nd, 2008 - 7:33 pm ICT by IANS  

Mumbai, June 2 (IANS) Tata Sons and Tata Motors Chairman Ratan N. Tata Monday formally acquired the prestigious Jaguar and Land Rover (JLR) businesses from Ford Motor Company at a ceremony in Gaydon, Britain. The business has been acquired for a net $2.3 billion March 26 in an all-cash transaction. Ford has contributed around $600 million in the JLR pension plans, an announcement by Tata Motors Ltd said here.

Present at the ceremony at the JLR headquarters were Ford Motor’s executive vice-president and chief financial officer Lewis Booth, who looks after the company’s Volvo and JLR operations in Europe.

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