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Beating compatriot Mahindra and Mahindra for the prestigious brands, just a year after acquiring steel giant Corus for $12.1 billion, Tatas on Wednesday announced the deal they signed with Ford, which on its part would chip in $600 million 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," Tata 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.
As part of the transaction, Ford will continue to supply Jaguar and Land Rover for differing period with powertrains, stampings and other vehicle components in addition to a variety of technologies such as environmental and platforms.
Ford has also committed to providing engineering support, including Research and Development plus information technology, accounting and other services.
In addition, Ford Motor Credit Company will provide financing for JLR dealers and customers during a transitional period, which can vary by market, for up to 12 months.
Ford Motor CEO and president Alan Mulally said: "Jaguar and Land Rover are terrific brands. We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship.
"Now it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Co that delivers profitable growth for all," he said.
A list of major acquisitions
Following are some of the major acquisitions by the Tata Group in recent years.
* Jan 2008 - Tata Chemicals acquires US-based General Chemical Industrial Products for $1.01 bn
* Jun 2007 - TRF acquires control of Singapore's York Transport Equipment
* Jun 2007 - Tata Power picks 30% stake in Indonesia's PT Kaltim Prima Coal and PT Arutmin
* Apr 2007 - VSNL acquires Transtel Telecoms of South Africa
* Apr 2007 - Tata Tea acquires Poland's Vitax and Flosana
* Apr 2007 - Indian Hotels acquires Campton Place Hotel in US for $58 mn
* Mar 2007 - Tata Power picks stake in Indonesia's PT Bumi Resources for $1.3 bn
* Jan 2007 - Tata Steel acquires Anglo-Dutch steel maker Corus for $12.1 bn, essaying the largest overseas takeover by an Indian company
* Aug 2006 - Tata Tea acquires 30% in US' Glaceau (Energy Brands) for $677 mn. Later sells it to Coca-Cola for $1.2 bn
* Jun 2006 - Tata Tea acquires US-based Eight'O Clock coffee company for $220 mn
* Dec 2005 - Tata Chemicals picks up 63.5% stake in UK's Bruner Mond Group for Rs 508 cr
* Dec 2005 - Tata Steel acquires Millennium Steel of Thailand for $404 mn
* Nov 2005 - TCS buys Chilean BPO firm Comicorn for $23 mn
* Oct 2005 - Tata Technologies purchases INCAT Int'l, UK for $91 mn
* Oct 2005 - Tata Tea acquires Good Earth Corp for $32 mn
* July 2005 - VSNL acquires Teleglobe Int'l for $239 mn
* Aug 2004 - Tata Steel buys Singapore's NatSteel for over Rs 1,300 cr
* Mar 2004 - Tata Motors acquires South Korean Daewoo's Commercial Vehicle Company for Rs 459 crore
* Feb 2000 - Tata Tea buys Tetley for Rs 1,870 cr
Tata cars: From Rs 1 lakh to Rs 1 crore!
Will these beauties come to India?