Ford Motors has decided to sell the Jaguar and Land rover to India’s Tata Motors Ltd for $2.3 billion cash. This deal was announced on Wednesday.

Chairman of Tata Sons and Tata Motors, Ratan N Tata, said, “We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business. We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact.”

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