| Ford completes sale of Jaguar and Land Rover to Tata |
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| Written by Staff Reporter | |
| Wednesday, 18 June 2008 | |
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Ford has completed the sale of its Jaguar and Land Rover businesses to Indian motor and engineering group Tata in a deal valued at over €2 billion. Ford is selling the firms to try to boost overall performance. Land Rover remains profitable but Ford has never made money from its Jaguar investment. Tata Chairman, Ratan N. Tata said: "This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects. We are looking forward to extending our full support to the Jaguar Land Rover team to realise their competitive potential." Ford will continue to supply Jaguar and Land Rover for differing periods with engines, stampings and other car components, in addition to a variety of technologies. In addition, Ford Motor Credit Company will provide financing for Jaguar and Land Rover dealers and customers during a transitional period of up to 12 months. |
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