MUMBAI, India – It’s official — Tata Motors has entered into a definitive agreement with Ford Motor Co. for the purchase of Jaguar Land Rover, comprising brands, plants and Intellectual Property Rights.

Tata Motors will pay for approximately $2.3 billion Jaguar Land Rover. At closing, Ford will then contribute up to approximately $600 million to the Jaguar Land Rover pension plans.

The transfer of ownership to Tata Motors is expected to close by the end of the next quarter, subject to applicable regulatory approvals.

Commenting on the agreement, Chairman of Tata Sons and Tata Motors, Ratan 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. We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business."

Ford President and CEO of the Ford Motor Co., Alan Mulally, said, "Jaguar and Land Rover are terrific brands. We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata’s stewardship. Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Co. that delivers profitable growth for all."

As part of the transaction, Ford will continue to supply Jaguar Land Rover for differing periods with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies. Ford also has committed to provide engineering support, including research and development, plus information technology, accounting and other services.