Tata Motors completes acquisition of Jag, Land Rover
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Tata Motors Ltd, India's top vehicle maker, said on Monday it had completed the $2.3 billion acquisition of the Jaguar and Land Rover brands from Ford Motor Co.
The all-cash deal, which was agreed in March, includes all necessary intellectual property rights, manufacturing plants, two advanced design centers in the UK and a worldwide network of sales companies, Tata said in a statement.
Long-term agreements have been entered into for the supply of engines, stampings and other components, it said.
"Jaguar and Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before," Chairman Ratan Tata said in the statement.
"We recognize the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years."
David Smith, the acting chief executive of Jaguar and Land Rover, will be the new chief executive, it said.