India's Tata Motors said on Wednesday that an agreement has been reached with Ford Motor Co. to buy two iconic British auto brands - Jaguar and Land Rover - with 2.3 billion U.S. dollars.
"The transfer of ownership to Tata Motors is expected to close by the end of the next quarter, subject to applicable regulatory approvals," said a statement by Tata group, India's largest business house.
"The total amount to be paid in cash by Tata Motors for Jaguar, Land Rover upon closing will be approximately 2.3 billion U.S. dollars. At closing, Ford will contribute up to approximately 0.6 billion U.S. dollars to the Jaguar, Land Rover pension plans," according to the statement.
Tata officials said Ford will continue to supply Jaguar and Land Rover vehicle components for an agreed period in addition to a wide variety of technologies, such as environmental and platform technologies.
Source:Xinhua
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