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The deal announced Wednesday will expand the Indian carmaker's reach around the globe.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.
Tata said it doesn't anticipate any significant changes to the work force at Jaguar and Land Rover. The sides had been expected to agree to keep the British work force around the current 15,300.
Tata said the transfer of the brands would take place the end of the second quarter.
THIS IS A BREAKING NEWS UPDATE.
AP's earlier story is below.
DETROIT (AP) -- India's Tata Motors Ltd. says it will acquire British automakers Jaguar and Land Rover from Ford Motor Co. for $2.3 billion
-- less than half of what Ford paid for the two luxury brands.
Tata made the long-expected announcement in a statement Wednesday morning. The deal will extend its reach around the globe.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.
[Associated Press; By TOM KRISHER]
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