Ford Motor Co. is selling its storied Jaguar and Land Rover businesses to India's Tata Motors Ltd. in a deal that will net the U.S. auto maker $1.7-billion (U.S.) - roughly a third of the price it paid for the two luxury brands. The deal announced yesterday will expand the Indian car maker's reach around the globe and give Jaguar and Land Rover badly needed capital to update and expand their product lines. The sale had been in the works for months as cash-strapped Ford sought money to fund its turnaround plan. Tata will pay $2.3-billion for the British brands, but Ford will pay about $600-million into the Jaguar-Land Rover pension fund when the deal closes, Tata's statement said. TTMT (Mumbai) fell 0.55 rupee to 679.4 rupees ($17.26 Canadian). F (NYSE) fell 13 cents (U.S.) to $5.87.
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