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Tata Motors Buys Ford Brands for $2.3 Billion

MUMBAI, Mar 26, 2008; Reuters reported that India's Tata Motors Ltd said on Wednesday it has agreed to buy luxury brands Jaguar and Land Rover from Ford Motor Co for about $2.3 billion.

Tata Motors said in a statement that Ford would contribute up to about $600 million to Jaguar/Land Rover pension plans.

Tata Motors, India's top bus and truck maker, has been in talks with Ford since it was chosen as the front-runner to buy Jaguar and Land Rover a few days into 2008.

Reporting for Reuters by Sumeet Chatterjee; Editing by John Mair

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