Finally Tata Inks JLR Pact With Ford
Finally, Tata Motors has settled the Jaguar and Land Rover contract likely to be valued between USD 2-2.5 billion.
The sources near to the development said that the contract, signed last evening, is expected to have cost the Tatas between $2-2.5 billion.
The unions of both the companies also welcomed the deal believing that there is no immediate threat to the British jobs or manufacturing.
When contacted a Tata Motors representative stated that the company would make declaration about the deal, when the suitable time comes.
In contrast, Ford has been taking a firm stand that they would announce the agreement after informing its employees.
The sources also said that the formal declaration of the transaction is expected to be made at 5.30 pm IST.
The deal has taken almost nine months to complete as both Ford and Tata and their bankers tried to resolve matters considered as essential to the future of the two British brands.
It is anticipated to cover up long-term supply of engines to both brands from Ford.
In the JLR race, in which India’s Mahindra & Mahindra was also in running for sometime, Tatas won the key support from Unite - main trade union of Jaguar and Land Rover.
Ford nominated Tata as the favored bidder for Jaguar and Land Rover on January 3.