The Hindu Business Line : Tata Motors completes Jaguar and Rover buy

Acquisition complete: (From left): Mr Don Leclair, Executive Vice-President and Chief Financial Officer of Ford Motor Company; Mr Lewis Booth, Executive Vice-President of Ford Motor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land Rover; Mr David Smith, CEO, Jaguar Land Rover; Mr Ratan N. Tata, Chairman Tata, Motors; and Mr Ravi Kant, Managing Director, at a ceremony in Gaydon, UK, on Monday when Tata Motors completed the acquisition of Jaguar Land Rover.

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Chennai, June 2 Tata Motors on Monday said that it has completed the acquisition of the Jaguar and Land Rover businesses from Ford Motor Company for a net consideration of $2.3 billion.

It also said that Mr David Smith, the acting Chief Executive Officer of Jaguar and Land Rover, would be the new CEO of the business. Mr Smith has 25 years of experience with Jaguar and Land Rover and Ford.

Negotiations on

In a press release, Tata Motors said that it was in an advanced stage of negotiations with leading auto finance providers to support the Jaguar and Land Rover business in the UK, Europe and the US, and was expected to select financial services partners shortly.

The Ford Motor Credit Company would continue to provide financing for Jaguar and Land Rover dealers and customers in the transition period.

Tata Motors announced its acquisition of the Jaguar and Land Rover businesses from Ford in March in an all-cash transaction.

Mr Ratan N. Tata, Chairman of Tata Sons and Tata Motors, was present at the handing over ceremony at the companies’ headquarters at Gaydon in the UK, along with Mr Don Leclair, Executive Vice-President and Chief Financial Officer, Ford Motor Company, and Mr Lewis Booth, Executive Vice-President, Ford, who has responsibility for Ford of Europe, Volvo and Jaguar and Land Rover.

The release quoted Mr Tata as saying that Jaguar and Land Rover would retain their distinctive identities and continue to pursue their respective business plans as before.

Tata Motors would work closely to support the team in building the success and pre-eminence of the two brands.

Last week, Tata Motors said it would raise Rs 7,200 crore through an issue of rights shares to its shareholders, to fund the acquisition. It would also raise $600 million in the overseas market.