Tata buys Jaguar and Land Rover for £1.15bn

Indian company Tata Motors is to take over the running of motoring marques Land Rover and Jaguar in a deal worth around US$2.3bn dollars (about £1.15bn).

Tata will replace US car giant Ford as the new owner of the companies in a move which will safeguard thousands of UK jobs.

Tony Woodley, joint general secretary of the Unite union, said today: "We would have much preferred Ford to keep the companies in the family, so to speak, especially with Land Rover being so profitable.

"But with the commitments Tata have given to the future of Jaguar (and) Land Rover and the long-term supply agreements for components, especially engines from Bridgend and Dagenham, we're obviously pleased they are in the game."

Mr Woodley said he was unhappy that Ford had decided against taking a stake in the new future.

"That is a big disappointment," he said.