Car giant Ford has sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata. Tata, India's biggest vehicle maker is paying $2.3bn (£1.15bn) for the British brands after months of negotiations over the price.
The negotiations started last June when Ford announced its intention to sell the companies as a package. Jaguar and Land Rover employ about 16,000 staff at UK plants in the West Midlands and Merseyside.
Tata said the deal should be completed by the end of the summer, subject to applicable regulatory approvals.
After months of fevered speculation and several postponements, Tata Motors is all set to bring the Land Rover and Jaguar brands into its fold.
On June 11, 2007, Ford announced its decision to sell off Jaguar and Land Rover.
About a month later, the Tatas' interest in Jaguar-Land Rover became public. On August 24, Ratan Tata confirmed his interest for the first time on CNBC-TV18. Then, in November, the Workers Union approved Tata as its choice for a new owner.
After that, there was a lull with Christmas around the corner. But in the New Year, on January 3, Ford said Tata Motor was the preferred bidder. Finally, yesterday was when sources say the deal was inked and hopefully that news will become public soon.
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