Ford sells luxury brands to family-owned firm

Ford Motors has sold two of its luxury car brands to a fellow family-owned company. Tata Motors, part of the Indian-based Tata Group, has bought Land Rover and Jaguar for $2.3 billion.

Ford announced last summer that the brands were being put up for sale and there has been much speculation as to who would be the highest bidder. In January this year Ford confirmed that it had entered into discussions with Tata over a possible sale.

?We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business,? said Ratan Tata (pictured), chairman of Tata. ?We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact.?

Ford has been forced to sell the brands in order to make up for record losses in the past few years and enable the firm to concentrate on its core Ford brand. The firm also sold luxury brand Aston Martin last year for almost $900 million.

Jaguar and Land Rover will join Tata Motor?s portfolio, which already includes the Nano ? the world?s cheapest car.