Wednesday, 26 March 2008, 14:38 GMT
Car giant Ford has sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata. Tata, India's biggest vehicle maker, is paying $2.3bn (£1.15bn) for the British brands after months of negotiations over price and supply relationships. The negotiations started last June when Ford announced its intention to sell the companies as a package.
Jaguar and Land Rover employ about 16,000 staff at UK plants in the West Midlands and Merseyside. Although Land Rover remains profitable, Ford has never managed to make money from its investment in Jaguar.
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