Tatas formally take over Jaguar, Land Rover
Tata Sons and Tata Motors Chairman Ratan N Tata on 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.