New Delhi, Mar 26: The Confederation of Indian Industry (CII) on Wednesday termed the Tata Jaguar agreement as a landmark in the march of Indian businesses.

“Done in a calm, transparent, ethical manner, it reflects the essence of the Tata’s philosophy. Kudos to Tatas for this leap ahead,” Lt. General (retired) S S Mehta, Director General of the CII said.

The Tata Group has acquired the Jaguar and Land Rover (JLR) car brands from Ford.

Auto major Tata Motors clinched the JLR deal from Ford last evening for an estimated value of between 2 to 2.5 billion US dollars.

The deal took almost nine months to finalise as both Ford and Tata and their financiers sought to iron out issues seen as crucial to the future of the two British marques.

The deal is expected to cover the long-term supply of engines to both brands from Ford.

During the race for JLR, India's Mahindra and Mahindra was also in the race. The keenly watched contest was limited to Indian companies in its final stage. (ANI)