Tata Motors finally got the keys for Jaguar and Land Rover, the two British cars it acquired from Ford for $2.3-billion. Tata group chairman Ratan Tata was present at the handing-over ceremony of the two brands at the headquarters of Jaguar Land Rover at Gaydon in UK. He said Jaguar and Land Rover would retain their distinctive identities and continue to pursue their business plans as before.
The company announced long-term partnership agreements with the US auto major for future support and plans for three rights issues to fund the acquisition. Ford would continue to lend assistance to the two brands in key areas, though the companies did not elaborate how long this would continue or the costs Tata Motors would pay for it.
Long term agreements have been inked for supply of engines, stampings and other components. Other areas of transition support from Ford include infotech, accounting and access to test facilities. Importantly, Ford Motor Credit Company will continue to provide financing for Jaguar and Land Rover dealers and customers for a transition period.