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Car deal for Corus owners to safeguard 16,000 jobs
CORUS STEEL’S owners, the family owned Indian firm Tata Group, will take over Land Rover and Jaguar today in a deal worth around £1bn.
The sale by US automotive giant Ford will safeguard about 16,000 jobs in the UK.
Tata, which bought the former British Steel company Corus last year, has been in talks with Ford since January.
The deal is likely to include a commitment from the Indian company to preserve the style of Land Rover and Jaguar and it has pledged to honour the brands’ five year development programmes.
The prestigious marques will now sit in the same stable as the world’s cheapest car - the £1,200 Nana - which was recently launched by Tata Motors.
