British minister praises Tata MotorsJune 5th, 2008 - 9:32 pm ICT by IANS
London, June 5 (IANS) British Trade Minister for the West Midlands region Liam Byrne has welcomed the conclusion of Tata’s acquisition of Jaguar and Land Rover, saying it is “brilliant news” for British manufacturing. “When I met Tata in India earlier this year I was impressed by the long-term view they took of their investments,” he said Wednesday.
“With record production at Land Rover and exciting new products at Jaguar, there is every reason for the firms to face the future with confidence.
“This deal looks brilliant news for high value manufacturing in the Midlands and our stronger and stronger links with the great growth market of India,” he added.
Tata announced the completion of the $2.3 billion all-cash transaction Monday and followed it up with an official ceremony in the city of Birmingham Tuesday.
Tata now has full ownership rights of the two iconic British motoring brands, including all intellectual property rights, its manufacturing plants, the two advanced design centres in Britain and a worldwide dealer network.
In addition, long-term agreements have been struck for the supply of engines, stampings and other components to Jaguar and Land Rover - luxury cars that are recognised the world over.
The deal has been welcomed in the region of West Midlands, the heartland of British manufacturing, with the cities of Birmingham and Coventry particularly famous for their history of car making.
Coventry’s Lord Mayor Andy Matchet said: “I genuinely think you will have a much longer-term, broader and strategic approach from and Indian company like Tata than you would from an American motor manufacturer.
“Certainly his history with (the takeover of British steel company) Corus was one of empowering existing management to make more autonomous decisions. I genuinely thing the future is very optimistic,” he added.
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