Tata Motors has bought Jaguar and Land Rover from Ford Motor Company for $2.3bn. The sale, which was agreed earlier in the year, was completed on an all cash basis, leaving the company debt-free under its new owner."Jaguar Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before," said Ratan Tata."We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years."The purchase price includes all necessary intellectual propety rights, manufacturing plants, the two UK design centres and the global sales network.Ford will continue to cooperate with Jaguar and Land Rover on shared car platforms and joint development of hybrid and powertrain technologies. Ford has also injected $600m into the Jaguar and Land Rover pension funds.