Jaguar and Land Rover sale completed
* Tata completes buy-out * Companies sold for 1.25 billion * Owner vows firms will retain identities...
Tata Motors has completed its purchase of Jaguar and Land Rover from Ford Motor Company for $2.3bn (1.25 billion).
The sale, which was agreed earlier in the year, was completed on an all-cash basis, ensuring the company is debt-free under its new owner.
'Jaguar and Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before,' said new owner Ratan Tata.
'We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years.'
The purchase price includes all intellectual property rights, manufacturing plants, the two UK design centres and the global sales network.
Ford will continue to co-operate with Jaguar and Land Rover on shared car platforms and joint development of hybrid and powertrain technologies.
Ford has also injected $600m (300 million) into the Jaguar and Land Rover pension funds.