Ford Motor Company issued an official statement today announcing that the sale of its Jaguar and Land Rover marques to India’s Tata Motors for approximately US $2.3 billion. According to Ford, the sale is expected to close by the end of the next quarter. Upon closing, Ford will contribute up to approximately US $600 million to the Jaguar and Land Rover pension plans

As part of the deal with Tata, Ford will continue to supply Jaguar and Land Rover for differing periods with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies. Additionally, Ford Motor Credit Company will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months.

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