"This is a major landmark for Indian industry and a turning point in achieving quality and projecting brand � as the Jaguar and Rover represent some of the highest brand values," according to industry body Ficci.

The deal marks the high point of a process of acquisition overseas by Indian corporates. This has been possible because of the very sound performance of the Indian companies in this case, the Tata Group - on their home turf which has given them the financial muscle, technical and management expertise to navigate through complex deals and wrap them up.

"Without their strong domestic performance, companies could not have undertaken two ambitious deals of takeover of Corus Steel or acquisition of Jaguar and Rover brands," it said.

Auto majors such as Mahindra & Mahindra and Bajaj Auto [Get Quote] have also given a thumbs up to the deal. Commenting on the development, Mahindra group MD and vice-chairman Anand Mahindra, whose company was also in the race for acquiring the Ford Motors' brands, said, "The acquisition of the Jaguar and Land Rover brands will make the world sit up and take notice of India's growing prominence in the global automotive arena. I wish Tatas every success for the future."

Echoing similar sentiments, chairman of Bajaj Auto Rahul Bajaj said, "I am delighted, not only as an industrialist and a person from automotive industry but also as an Indian, that Tata Motors has got the deal." He said it was very good that Tata Motors has acquired the two global brands.

"I hold Ratan Tata and Ravi Kant in very high regard. Time will show how things move and there is no reason to believe that they will not succeed. There are lots of things like R&D, brand name, dealership and network which Tata Motors would learn from JLR and it could be vice-versa also," he added.

Director general of Confederation of Indian Industry (CII) S S Mehta said, "The Tata-Jaguar agreement is once again a landmark in the march of Indian businesses. Done in a calm, transparent, ethical manner, it reflects the essence of the Tata philosophy. Kudos to Tatas for this leap ahead."

The Associated Chambers of Commerce and Industry of India (Assocham) has also complimented the Tata Group, which had acquired Anglo-Dutch steel maker Corus  for $12.1 billion last year.

"Indian industry has been doing an extremely good job in acquiring foreign assets but the way the Tatas have done it make India proud," chamber president Venugopal Dhoot said. 

Tata buys Jaguar-Land Rover from Ford