Tata completes JLR buy-out

Indias homegrown auto major Tata Motors said it has completed the US$2.3 billion acquisition of British luxury brands Jaguar and Land Rover (JLR) in an all-cash transaction. The acting Chief Executive Officer of Jaguar Land Rover David Smith would be the new CEO of the business, Tata Motors confirmed in a filing to the Bombay Stock Exchange. In March, the Indian auto major had announced that it has entered into a definitive agreement with Ford Motor Co. to buy out the two British luxury brands. Ford Motor’s Executive Vice-President and Chief Financial Officer Don Leclair and Executive Vice-President Lewis Booth, who are responsible for Europe, Volvo and JLR, were also present at the ceremony. (June 4, 2008)