Redeemed Tata Jaguar and Land Rover Ford

The Indian Tata Motors confirmed Wednesday the purchase of Jaguar and Land Rover to the American group Ford Motor (F) for U.S. $ 2.3 billion. Tata Motors Ford contribute a precise amount of U.S. $ 600 million to the pension plan of the two luxury brands.

The Indian group was in exclusive talks with Ford after having been selected by the American group early 2008.

Ratan Tata, chairman of Tata Group, and Ravi Kant, Managing Director of Tata Motors, have planned a joint press conference on Thursday on the occasion of Bangkok Motor Show.

On Monday, the Financial Times of London wrote that Ford will announce Wednesday the sale of Jaguar and Land Rover for about $ 2G, corroborating what had been said earlier of the sources told Reuters.

Ford, which lost $ 2.7 billion in 2007 and U.S. $ 12.6 billion in 2006, is selling Jaguar and Land Rover as part of a strategy aimed at redressing priority in the North-American activities of the group.