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Ford Sells Jaguar & Land Rover To Tata

DETROIT (CN) - Ford Motor Co. is selling its Jaguar and Land Rover divisions to Tata Motors of India for $1.7 billion - less than one-third the price Ford paid for the brands, the company announced today. Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. Tata said it will pay $2.3 billion to Ford, which will put $600 million into the two divisions' pension funds.

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