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Ford has finally announced the agreement for Tata Motors to officially take ownership of Land Rover and Jaguar.

Yesterday there were rumors that the deal was going to be close to $2.6 billion, but today Ford has announced that the deal is for $2.3 billion. Ford is also going to contribute $600 million to the Land Rover and Jaguar pension plans.

Also part of the deal is that Ford is going to continue to supply the powertrains, stampings and other vehicle components for both of the brands. Ford has also committed to providing engineering support, including research and development.

"Jaguar and Land Rover are terrific brands," said Alan Mulally, president and CEO, Ford Motor Company. "We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship. Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all."

Tata Motors Limited (Hindi: टाटा मोटर्स), formerly known as TELCO (TATA Engineering and Locomotive Company), (NYSE: TTM) - is India's largest passenger automobile and commercial vehicle manufacturing company. It is a part of the Tata Group, and has its headquarters in Mumbai, Maharashtra. One of the world's largest manufacturers of commercial vehicles and known for its hatchback passenger vehicle Tata Indica, Tata Motors has its manufacturing base in Jamshedpur, Lucknow, Pune and Singur. The OICA ranked it as the world's 21st largest vehicle manufacturer, based on figures for 2006.[1]