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Tata to retain identities of Jaguar, Land Rover
Prasun Sonwalkar in London | June 04, 2008 12:35 IST
Soon after signing the deal to take over Jaguar and Land Rover, Tata chairman Ratan Tata confirmed that the two marques will retain their 'distinctive identities' under the new ownership.
The 1.15 billion pounds deal gives Tata ownership of the necessary intellectual property rights, manufacturing plants, two advanced design centres in the UK, and a worldwide network of dealers of the company.
The signing ceremony was held this week at a low-key event at Jaguar Land Rover's headquarters in Gaydon in West Midlands. It was attended by Tata and Ford's executive vice president and chief financial officer Don Leclair.
Tata said after the deal was signed: "This is a momentous time for all of us at Tata Motors [Get Quote]. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects.
"We are looking forward to extending our full support to the Jaguar Land Rover team to realise their competitive potential. We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years".
The head of Warwick Manufacturing School, Lord Kumar Bhattacharyya, who has worked closely with Tata in the past, said the deal was excellent news for the West Midlands.
"The region has seen so many cuts and a demise in the automotive sector. But this shows there are a lot of good companies in the West Midlands when a world class group like Tata looks to come in," he said.
Lord Bhattacharyya said Tata was a 'passionate' automotive enthusiast who had great technical knowledge, and he believed his new staff would quickly warm to him.