Signs Long-Term Agreements With Ford For Future Support In Major Areas Tata Motors finally got the keys for Jaguar and Land Rover, the two British marques it acquired from Ford for $2.3-billion, and announced long-term partnership agreements with the US auto major for future support. The company, that earlier this week announced plans for three rights issues to fund the acquisition, said it would be an all-cash transaction even as Ford would contribute about $600 million to the pension plans of the two brands. Tata group chairman Ratan Tata was present at the handing-over ceremony of the two brands at the headquarters of Jaguar Land Rover at Gaydon in UK. "This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects. We are looking forward to extending our full support to the Jaguar Land Rover team to realise their competitive potential,' Tata said. He said Jaguar and Land Rover would "retain their distinctive identities' and continue to pursue their business plans as before. "We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years. It is our intention to work closely to support the Jaguar Land Rover team in building the success and pre-eminence of the two brands,' he said. Importantly, Ford would continue to lend assistance to the two brands in key areas, though the companies did not elaborate how long this would continue or the costs Tata Motors would pay for it. Long term agreements have been inked for supply of engines, stampings and other components. Other areas of transition support from Ford include infotech, accounting and access to test facilities. "The two companies will continue to cooperate in areas such as design and development through sharing of platforms and joint development of hybrid technologies and powertrain engineering,' the companies said. Importantly, Ford Motor Credit Company will continue to provide financing for Jaguar and Land Rover dealers and customers for a transition period. "Tata Motors is in an advanced stage of negotiations with leading auto finance providers to support the Jaguar Land Rover business in UK, Europe and the US, and is expected to select financial services partners shortly,' it said. Tata Motors said David Smith, the acting CEO of Jaguar Land Rover, would be the new CEO of the business. Smith has 25 years of experience with Jaguar, Land Rover and Ford. Jaguar and Land Rover have been acquired on a cash free, debt-free basis. The purchase consideration includes the ownership by Jaguar and Land Rover or perpetual royalty-free licences of all necessary intellectual property rights, manufacturing plants, two advanced design centres in UK, and worldwide network of national sales companies.