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Ford has finally agreed to sell its famed Jaguar and Land Rover to Indian Automakers Tata Motors in a deal grossing $2.3 billion. The deal is supposed to be complete in June.

This deal was in its initial phase last August. It entails that Ford contribute $600 million towards Jaguar and Land Rover pension plans along with the supply of powertrains, stampings and assorted components to Tata as well as platform and environmental technologies for the two brads for an unspecified period of time. Ford will also provide Tata with engineering and Information Technology and accounting services. There seems to be no indication of any imminent executive changes in either of the two car brands.

The deal with upcoming Indian manufacturers Tata, who had recently hit the news for making the world’s cheapest car, the Nano, follows close on the heels of Ford’s sale of its renowned Aston Martin brand last year. Aston Martin has been sold to Kuwaiti holding company Investment Dar   and former Benetton and British American Racing (BAR) Chief David Richards.

Ford may also consider selling off its Volvo brand. It remains to be seen how Jaguar and Land rover fare under its new ownership. Land Rover, the healthier of the two brands is in he process of making a radical shift to aluminum bodies for its new Range Rover models and are in the process of launching the LRX SUV. Jaguar is all set to release a newly designed XJ sedan and XF Coupe.

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Tags: Ford //