Homegrown auto major Tata Motors [Get Quote] on Monday said it has completed the $2.3 billion-dollar acquisition of British luxury brands Jaguar and Land Rover 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 the US car-maker Ford to buyout the two British luxury brands.
Tata Sons and Tata Motors chairman Ratan Tata was present at the handing over ceremony of Jaguar and Land Rover at the latter's headquarters at Gaydon in the UK.
"This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects.
"Jaguar and Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before," Tata said in a statement.
Ford Motor's executive vice-president and chief financial officer Don Leclair and executive vice-president Lewis Booth, who is responsible for Europe, Volvo and JLR were also present at the ceremony.
"We are very pleased with the association with Tata Motors. We look forward to a sustained bright future for the company and its stakeholders," Smith said.
The purchase consideration includes the ownership of Jaguar and Land Rover or perpetual royalty-free licences of all necessary Intellectual Property Rights, manufacturing plants, two advanced design centres in the UK, and worldwide network of national sales companies.
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