Creating history, India's top corporate Tatas has acquired luxury auto brands -- Jaguar and Land Rover -- from Ford Motor for 2.3 billion dollars, stamping their authority as the takeover tycoon.
Creating history, India's top corporate Tatas has acquired luxury auto brands -- Jaguar and Land Rover -- from Ford Motor for 2.3 billion dollars, stamping their authority as the takeover tycoon.
Beating compatriot Mahindra and Mahindra for the prestigious brands, just a year after acquiring steel giant Corus for 12.1 billion dollar, Tatas on Wednesday announced the deal they signed with Ford, which on its part would chip in 600 million dollar towards JLR's pension plan.
The deal was announced after protracted negotiations that Tatas had with JLR union workers.
"We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business," Group Chairman Ratan Tata said after making the deal public.
"We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact," he said.
Govt showers praise on Tatas for JLR deal
The Government on Wednesday showered rich compliments on the Tata Group for acquiring Jaguar and Land Rover marque car brands and holding India's flag high in the highly competitive international business.
"My congratulations to the Tatas and entire corporate world as they have held India's private sector flag high. The world is looking at India," Commerce and Industry Minister Kamal Nath said.
He said homegrown Indian firms have demonstrated to the global business how competent and progressive they have become even in the midst of a slowdown.
"The most important thing is that world is recognising India's credibility".
The Tata Motors has signed the Jaguar and Land Rover (JLR) deal with Ford last evening, which is estimated to be valued between 2-2.5 billion dollars.
While Mahindra and Mahindra was also in the race, the keenly-watched contest was limited to the Indian companies in its final stage.
| < Prev | Next > |
|---|
Last Updated on Sunday, 30 March 2008 10:39.
Developed by Indian company Notion Ink and the brain child of Rohan Shravan, an engineering graduate from IIT Kharagpur , the Adam runs on NVIDIA’s Tegra T20 chipset and Android. It supports 1080p Full HD video playback, has integrated WiFi, Bluetooth and UMTS/HSDPA, A-GPS, a digital compass, accelerometer and proximity, ambient light and water sensors.