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DETROIT -- Ford Motor Co. officially unloaded its storied Jaguar and Land Rover businesses on Monday _ netting the cash-strapped automaker a $1.7 billion boost that's a mere third of what it paid for the two luxury brands.
India's Tata Motors Ltd. said it had completed the purchase of the brands in a deal first announced March 26.
Tata is paying about $2.3 billion for the British brands, but Ford is paying about $600 million into the Jaguar-Land Rover pension fund.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.
India's Tata Motors Ltd. said it had completed the purchase of the brands in a deal first announced March 26.
Tata is paying about $2.3 billion for the British brands, but Ford is paying about $600 million into the Jaguar-Land Rover pension fund.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.
