Tata Motors – a division of the Tata Group, which includes Tata Steel – has entered into a definitive agreement with the Ford Motor Company for the purchase of Jaguar Land Rover, comprising brands, plants and intellectual property rights for approximately $2.3 billion. Transfer of ownership to Tata Motors is expected to close by the end of next quarter. As part of the transaction, Ford will continue to supply Jaguar Land Rover for differing periods with power trains, stampings and other vehicle components, in addition to a variety of technologies such as environmental and platform technologies.

Ford also has committed to provide engineering support, including research and development, plus information technology, accounting and other services. The parties do not anticipate any significant changes to Jaguar Land Rover employees’ terms of employment. Jaguar and Land Rover have been under Ford’s ownership since 1989 and 2000, respectively.