Jaguar Land Rover sold for $2.3bn

News

Ford Motor Company has entered into an agreement to sell its Jaguar Land Rover operations to Tata Motors, India's largest automotive manufacturer.

Tata Motors will pay $2.3bn in cash for Jaguar Land Rover, which employs around 19,000 staff at sites in the north West and the West Midlands. On closing, Ford will contribute up to $600m to the Jaguar Land Rover pension fund.

Ford said in a statement that it would continue to supply Jaguar Land Rover with powertrains, stampings and other vehicle components for a limited period. Ford will also provide engineering support, including research and development, information technology, accounting and other services.

The sale is expected to close by the end of the next quarter and is subject to customary closing conditions, including receipt of certain regulatory approvals.

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