Tata Acquires Jaguar/Land Rover For $2.3 Billion

by Jacob Cherian    March 26, 2008

Updating an earlier news article, Tata Motors of India has acquired the coveted Jaguar luxury brand and Land Rover segment from Ford for $2.3 billion.

The sale comes amid stiff competition from Asian car-makers and declining profits at the U.S. automaker. Ford announced that it will pay $600 million toward employee pensions.

Roger Madison, National Organizer for Unite - who has been negotiating for the unions - said in an interview with CNBC-TV18,  "I was expecting the Tatas to pay more money for Jaguar/Land Rover than what they have actually paid. The Tatas have got a very good deal and this actually goes to show how desperate they are to raise cash."

This work is licensed under a Creative Commons Attribution 3.0 License.

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