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.
Don't Miss: Enter the I4U News NES Classic Giveaway!