Tata Gets Closer to Jaguar and Land Rover Acquisition
Ratan Tata, the 70 year-old CEO of Tata Group, is about to realize one of his fondest dreams. The Tata Group is ever so close to acquiring Jaguar and Land Rover from its current owner, Ford Motor Co.
Mr. Tata has said publicly that he is going to see this deal to the end, introduce the 1-lakh ($2500) “People’s Car” to showrooms this year, and then most likely retire.
Ford’s Lewis Booth, Chairman of Ford Europe, announced yesterday that “Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business. We will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned.”
Ford has identified Tata as the bidder it wishes to sell Jaguar and Land Rover to and now the numbers need to be crunched regarding the final adjustment of Tata’s offer. With Ford’s declaration, it signals their willingness to let Tata peek under the financial covers and get the information it needs to buy the two companies. The deal should be consummated within a couple of weeks.
Tata will then own two of the most iconic automotive brands in the world.
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