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Ford sells Jaguar and Land Rover to Indian Company.


CofCC.org News Team

From AP…

DETROIT – Ford Motor Co. is selling its storied Jaguar and Land Rover businesses to India’s Tata Motors Ltd. in a deal that will net the struggling U.S. automaker about $1.7 billion — roughly a third of the price it paid for the two luxury brands.
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The deal announced Wednesday will expand the Indian carmaker’s reach around the globe.

The agreement had been in the works for months as cash-strapped Ford sought money to fund its turnaround plan.

Tata will pay $2.3 billion for the British brands, but at closing, Ford will pay about $600 million into the Jaguar-Land Rover pension fund, Tata’s statement said.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.

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