At the ceremony, Mr. Ratan Tata (Chairman of Tata Sons and Tata Motors), Don Leclair (Executive Vice President and CFO of Ford) and Lewis Booth (Executive Vice President of Ford and responsible for Ford Europe) were present.
David Smith will be the new CEO at Jaguar Land Rover.
Mr. Tata said, “This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects.” He continues to say that both British brands will retain their own unique identities and that Tata will give its full support in order to grow prosper.
Tata Motors has eventually paid USD$2.3 billion in cash, while Ford has contributed USD$600 million to the Jaguar Land Rover pension plans - leaving Ford with USD$1.7 billion.
At the same time, Ford and Tata have agreed on long term cooperation plans with regards to the supply of engines, stampings and other components to Jaguar Land Rover.