The $2.3 billion acquisition of Land Rover and Jaguar is finally over. Tata Motors today announced that it has finally completed the acquisition and has added the luxury brands of product portfolio that also includes world’s cheapest car, Tata Nano.
According to the company statement to Mumbai Stock Exchange on Monday, the deal includes “ownership of Jaguar and Land Rover, all necessary intellectual property rights, manufacturing plants and two Britain-based advanced designing centres.” The statement also carried message from the Chairman, Ratan Tata as "Jaguar and Land Rover are two iconic brands with worldwide growth prospects. These brands will retain their distinctive identities. We plan to work closely to support the Jaguar-Land Rover team in building the success and pre-eminence of the two brands"
The brands shall be headed by their existing Chief Executive, David Smith, who would remain as the Chief Executive for these luxury cars. It had been an all-cash deal that was agreed upon in March. The takeover includes IPR, manufacturing units, two design centres in UK as well as global sales and distribution network for both the brands.
