It is now official.

In an announcement sent out by the Ford Motor Company, the auto industry has finally confirmed the completion of the purchase of Ford’s Jaguar and Land Rover luxury brands. Tata Motors of India bought the two brands which are part of Ford’s Premier Automotive Group (PAG). The announcement did disclose that Tata Motors would be purchasing the two brands for an estimated $2.3 billion.

On the deal, Ford’s CEO and president, Alan Mulally, mentioned that with Jaguar and Land Rover being good brands, the company is confident that both of them would be able to do well with Tata handling them. He also disclosed that the decision to sell both brands was actually part of the company’s goal which was to have a stronger and more focus-driven brand.

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