Tata Motors to buy Jaguar and Land Rover for $2 Billion

Mar 26 2008, 5:00am CDT | by Luigi Lugmayr

Sources in the UK report that Indian Tata Motors is paying $2 billion for Jaguar and Land Rover. The deal is seen as a way to protect the 16,000 employees of both luxury car makers.

Ford is supposed to make the deal official today at noon in New York.Ford is also supposed to pay £300m (~$600m) into Jaguar and Land Rover pension funds. Tata apparently has the blessing of the worker Unions and is supposed to invest into Land Rover and Jaguar over the next 5 years to expand the brands.
Via BBC News.

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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.