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Tata Motors completes acquisition of Jaguar Land Rover
4th June, 2008 | |||||
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Tata Motors has now acquired the Jaguar Land Rover businesses from Ford Motor Company for a net consideration of US $2.3 billion, as announced on 26th March, in an all-cash transaction. Ford has contributed about US $600 million to the Jaguar Land Rover pension plans. Mr. Ratan N. Tata, Chairman of Tata Sons and Tata Motors, was present at the handing over ceremony at the headquarters of Jaguar Land Rover at Gaydon, England, along with Mr. Don Leclair, the Executive Vice President and Chief Financial Officer of Ford Motor Company, and Mr. Lewis Booth, Executive Vice President of Ford Motor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land Rover. Commenting on the occasion, Mr. Tata said, "This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects. We are looking forward to extending our full support to the Jaguar Land Rover team to realise their competitive potential. Jaguar Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before. We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years. It is our intention to work closely to support the Jaguar Land Rover team in building the success and preeminence of the two brands." Tata Motors confirmed that Mr. David Smith, the acting Chief Executive Officer of Jaguar Land Rover, would be the new CEO of the business. Mr. Smith has 25 years of experience with Jaguar Land Rover and Ford. Before recently returning to Jaguar Land Rover as its Chief Financial Officer, he was Director Finance and Business Strategy for Ford's Premier Automotive Group and Ford of Europe. Mr. Smith said, "We are very pleased with the association with Tata Motors. We look forward to a sustained bright future for the company and its stakeholders." Jaguar Land Rover has been acquired at a cost of (USD) $2.3 billion. The purchase consideration includes the ownership by Jaguar and Land Rover or perpetual royalty-free licences of all necessary Intellectual Property Rights, manufacturing plants, two advanced design centres in the UK, and worldwide network of National Sales Companies. Long term agreements have been entered into for supply of engines, stampings and other components to Jaguar Land Rover. Other areas of transition support from Ford include IT, accounting and access to test facilities. The two companies will continue to cooperate in areas such as design and development through sharing of platforms and joint development of hybrid technologies and powertrain engineering. The Ford Motor Credit Company will continue to provide financing for Jaguar Land Rover dealers and customers for a transition period. Tata Motors is in an advanced stage of negotiations with leading automotive finance providers to support the Jaguar Land Rover business in the UK, Europe and the US, and is expected to select financial services partners shortly. About Tata Motors Tata Motors is India's largest automobile company, with revenues of US$8.8billion in 2007-08. With over 4 million Tata vehicles plying in India, it is the leader in commercial vehicles and among the top three in passenger vehicles. It is also the world's fourth largest truck manufacturer and the world's second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. Through subsidiaries and associate companies, Tata Motors has operations in South Korea, Thailand and Spain. | ||||||
The
"Classic Motor Sport Tour" includes visits to Goodwood Revival,
Donington Grand Prix Collection, Grand Prix Historique de la Vienne, Manoir de L'Automobile and Museum de L'Automobile at Le Mans and, for a
farewell dinner, Atelier Renault on Champs Elysees. Also included are city tours of London and Paris, Classic Team Lotus Works tour and Brands
Hatch race master (with an opportunity of a drive in a high performance Renault). This great tour includes return economy air fares, departure
tax, transfers, 13 breakfasts, 3 dinners and 13 nights accommodation.
ABN 47106248033 |
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