Jobs saved in deal for car giants

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In a deal due to be completed by the end of June, Tata will pay 2.3 billion dollars in cash (about £1.15 billion) for Jaguar Land Rover (JLR).

Ford will then contribute up to about 600 million dollars (about £300 million) to the JLR pension plans.

The deal, which has been negotiated over many months, will also see Ford continuing to supply powertrains, stampings and other components to JLR as well as other support services.

Ford will also provide financing for JLR dealers for up to 12 months.

The deal involves around 13,500 employees in the UK and covers plants at Solihull in the West Midlands, Castle Bromwich near Birmingham and Halewood on Merseyside.

There had been fears that there could be job losses when Ford expressed a wish to sell JLR. But both Ford and Tata, whose companies include steelmaker Corus and Tetley Tea, said they did not anticipate any significant changes to JLR employees' terms of employment on completion.

Although the Unite union did have some reservations about the deal, its joint general secretary Tony Woodley said he was pleased Tata "was in the game".

Jerry Blackett, chief executive of the Birmingham Chamber of Commerce and Industry, which represents almost 3,500 companies, said: "This is great news and at the same time a great opportunity."

Announcing the deal, Ford Motor Company president and chief executive Alan Mulally said: "Jaguar and Land Rover are terrific brands. We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship."