Tata buys Jaguar and Land Rover for $2.3bn
Indian TATA motors secured Jaguar and Land Rover by buying British luxury icons from Ford Motor Company for $2.3 billion, less than half what it paid in 1989 and 2000 respectively.
Ford acquired Jaguar in 1989 for $2.5 billion and Land Rover in 2000 for $2.73 billion as part of a European-luxury strategy it began by buying Aston Martin in 1987. It sold Aston last year, according to bloomberg.
“We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business… and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact,” said Tata Group chairman Ratan Tata.
Published on 26 Mar 2008 | Company & Markets
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