India’s Tata buys Jaguar, Land Rover
India’s Tata Motors has apparently bought British luxury icons Jaguar and Land Rover from US carmaker Ford. It will be officially announced later on Wednesday.
The multi-billion dollar contract is to give Tata a foothold outside the subcontinent. The contract has been figured at up to 3 billion dollars but most news say that the price is around two billion dollars.
A company official stated that the contract will be officially announced later in the day.
This sale of 2 of Britain’s most celebrated industrial firms was supported by Tony Woodley who is the joint leader of Britain’s biggest union Unite.
Woodley stated in a news brief in London that “We would have much preferred Ford to keep the companies in the family, so to speak, especially with Land Rover being so profitable.”
This deal by Tata comes in the midst of an economic downturn which has reduced the demand for prestige vehicles.