India's Tata will buy Jaguar, Land Rover

Washington DC December 21, 2007; The AIADA newsletter reported that Automotive News was stating that India's Tata Motors will be named today as the winning bidder in the auction for Jaguar and Land Rover.

Tata will pay £1 billion, or about $2 billion, for the two Ford Motor Co. luxury brands. Ford plans no announcements regarding the sale of the two British luxury brands, said Ford spokesman Mark Truby.

He said the U.S. automaker is still on track to announce the sale of Jaguar and Land Rover early next year.

Industry insiders say Tata's acquisition of Jaguar and Land Rover is part of the firm's strategy to break into developed markets around the globe, sources said last night. A Tata spokesman said: "When one market is at its peak, another is in a trough. It is important to be in different markets to reduce risk