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Breaking News:India's Tata acquires Jaguar, Land Rover for 2.3 billion US dollars
News Type: Event — Seeded on Wed Mar 26, 2008 9:08 AM EDT
Article Source: The Sydney Morning Heraldadvertisement
India's Tata Motors said Wednesday it had bought British luxury icons Jaguar and Land Rover from struggling US carmaker Ford for 2.3 billion US dollars as it expands its global reach.
The all-cash deal is part of Tata's efforts to grow outside Asia, but analysts have questioned how the Indian firm -- maker of the Nano, the world's cheapest car -- will absorb the two high-end marques into its operation
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 | Ford sells Jaguar, Land Rover to India's Tata | msnbc.com | Wed Mar 26 | 0 |
| Tata buys Jaguar and Land Rover | Guardian Unlimited | Wed Mar 26 | 9 |
| Tata: Master of the Gentle Approach | Business Week | Tue Mar 25 | 0 |
 | Ford Sells Jaguar, Land Rover to Tata | Associated Press | Wed Mar 26 | 1 |
| Tata, Ford reach $2.3-billion deal on Jaguar, Land Rover | Freep.com | Detroit Free Press | The Detroit Free Press | Wed Mar 26 | 0 |
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Tata Motors, part of the sprawling tea-to-outsourcing Tata Group empire, said the "total amount to be paid in cash" would be 2.3 billion US dollars and added Ford would contribute up to about 600 million US dollars to the Jaguar and Land Rover pension plans.
The purchase, which has been the subject of speculation for months, comes amid an economic downturn which has put the squeeze on demand for prestige vehicles.
In January, Tata unveiled the Nano at a price of 2,500 US dollars, hoping that the no-frills auto could revolutionise travel for millions in India and elsewhere.
But with the acquisition, Tata would be in the unusual position of making the cheapest car in the world as well as some of the most expensive.
Of late, tough global economic conditions have put sales of expensive cars into reverse. US and European sales of Jaguar fell by over 30 percent, year-on-year, during the first two months of 2008.
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#1 - Wed Mar 26, 2008 9:09 AM EDT{"commentId":1623704,"authorDomain":"petercasier"}
Are BMW and Mercedes next?
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- 1 vote
#2 - Wed Mar 26, 2008 8:18 PM EDT{"commentId":1624639,"authorDomain":"Navigator"}
Hopefully yes..if Tata's can do this..then why not BMW...
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#3 - Thu Mar 27, 2008 1:47 AM EDT{"canLink":false,"threadId":"240245","isPrivate":false}
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