Tata Raises $3 billion to Buy Jaguar and Land Rover

Tata Motors is a step closer to buying Jaguar and Land Rover from Ford, having raised a reported $3 billion dollars in order to finance the deal. As a result of raising the cash, the transaction is now expected to close next week, according to the Financial Times. According to the newspaper, the financing is considerably above the earlier predicted purchase price for the two UK car marques, which was estimated at about $2 billion.

Ford is expected to completely sell out of the Jaguar and Land Rover brands. Tata is believed to be working on further vehicle or technology partnerships with other carmakers. These are expected to become apparent once the Jaguar deal is completed.

Most of Tata’s vehicle experience comes from making work trucks in India, and has only been producing passenger cars for about a decade. Most of its car activity has been in the low-end market, and the company has announced plans to offer an “ultra-cheap” car that would retail for about $2,400.