Two of Britain's most prestigious motorcar brands Jaguar and Land Rover have been sold to Indian conglomerate Tata Group.
American Ford Motors, who owned the two brands, announced today that it had completed the sale of both Jaguar and Land Rover.
The purchase price for both Jaguar and Land Rover was said to be about $1.7 Billion ($1.85 Billion Australian), roughly a third of the price of what Ford originally paid for the two luxury brands.
Ford had struggled to make profit from both Jaguar and Land Rover, leaving the company cash strapped and unable to invest further in their development.
The Tata Group is now likely to pump significant investment into the new British luxury brands in a bid to further compete with other manufacturers including BMW and Mercedes.
Tata earlier this year launched the world's cheapest car, the Nano, with the Jaguar and Land Rover brands filling a luxury line badly needed by the Indian group.
All 16,000 workers at the British based company have been guaranteed their jobs, however concern remains for how long the group will keep it's operations in Britain.
Ford says it will now look to focus on it's own development around the world.
American Ford Motors, who owned the two brands, announced today that it had completed the sale of both Jaguar and Land Rover.
The purchase price for both Jaguar and Land Rover was said to be about $1.7 Billion ($1.85 Billion Australian), roughly a third of the price of what Ford originally paid for the two luxury brands.
Ford had struggled to make profit from both Jaguar and Land Rover, leaving the company cash strapped and unable to invest further in their development.
The Tata Group is now likely to pump significant investment into the new British luxury brands in a bid to further compete with other manufacturers including BMW and Mercedes.
Tata earlier this year launched the world's cheapest car, the Nano, with the Jaguar and Land Rover brands filling a luxury line badly needed by the Indian group.
All 16,000 workers at the British based company have been guaranteed their jobs, however concern remains for how long the group will keep it's operations in Britain.
Ford says it will now look to focus on it's own development around the world.
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