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New Delhi, March 26: The historic buyout of Ford Motor Co's global iconic brands Jaguar and Land Rover by Tata Motors for 2.3 billion dollars has been hailed by domestic industry, including Tata's competitors in the sector.
"This is a major landmark for Indian industry and a turning point in achieving quality and projecting brand – as the Jaguar and Rover represent some of the highest brand values," according to industry body FICCI.
The deal marks the high point of a process of acquisition overseas by Indian corporates. This has been possible because of the very sound performance of the Indian Companies in this case, the Tata Group - on their home turf which has given them the financial muscle, technical and management expertise to navigate through complex deals and wrap them up.
"Without their strong domestic performance, Companies could not have undertaken two ambitious deals of takeover of Corus Steel or acquisition of Jaguar and Rover brands," it said.
Auto majors such as Mahindra & Mahindra and Bajaj Auto have also given a thumbs-up to the deal. Commenting on the development, Mahindra Group MD and Vice-Chairman Anand Mahindra, whose company was also in the race for acquiring the Ford Motors' brands, said, "The acquisition of the Jaguar and Land Rover brands will make the world sit up and take notice of India's growing prominence in the global automotive arena. I wish Tatas every success for the future."
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