Indian manufacturer Tata Motors yesterday announced that it will respect the British heritage of Britain’s leading brands, Jaguar and Land Rover, when the it takes over as owner.
Tata also assured worried workers that no part of production or component sourcing will be transferred to India or any other country.
“Our plan would be to retain the image, the touch and the feel of Jaguar and Land Rover. We will not tinker with the brands in any way. They are special global brands and whoever acquires them has a responsibility to nurture them and enable them to prosper,” Tata Group Chairman Ratan Tata said..
Surely we will still call Land Rover and Jaguar British brands if they are still built in Britain despite foreign ownership, after all, isn’t Holden in exactly the same scenario?
“We are conscious that the brands belong to Britain. These brands will continue to belong to Britain,” Tata said.
Tata said he is excited by what Jaguar and Land Rover have in mind for future models and hence will keep the brands’ existing managements in place.
With the sale expected to finalise in the next few weeks, Tata Motors has began making arrangements for $3 billion in loans. The company has assigned its advisers, Citigroup and JPMorgan to begin arranging the financing.
Although $1 billion more than the price of Jaguar and Land Rover, sources indicate the extra cash is needed for working capital.
The two British Marquees have been on sale since June 2007 with the Ford announcing Tata as the preferred bidder in January this year.