Tata motors,India's top vehicle maker has agreed to buy the Jaguar and Land Rover from Ford Motor Co for $2.3 billion.Ford is expected to contribute approximately about $600 million towards Jaguar/Land Rover pension plans.
Ford has decided to sell Jaguar and Land Rover after losing $2.7 billion last year and $12.6billion in the year 2006.Tata motors has been the front runner to buy Jaguar and Land Rover since the beginning of this year.With this deal Tata motors is expected to gain the popularity of its own products through out the world.Same Tata group acquired the steel maker Corus approximately for $12 billion a year back to become the 5th largest producer of steel.This finished deal will be a milestone in India's automobile industry.It will be interesting to see how Tata manages to stablize the sales of these luxury cars which also produces the world's cheapest car Tata Nano.
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