Tata Motors buys Jaguar, Land Rover

It's official! Tata Motors has finally bought Jaguar and Land Rover for USD 2.3 billion. Ford sources confirmed the news while talking to CNBC-TV18. According to reports, Ford will pay approximately USD 600 million towards the pension plan.

The formal announcement may come anytime later today. Confirmation of the deal ended months of speculations and postponements. It's a great news for Tata Motors, which will finally bring the Land Rover and Jaguar brands into its fold.