India's Tata Motors has confirmed a $2.3 billion (£1.15 billion) deal to acquire Ford's Jaguar and Land Rover brands.

The deal, which is still subject to approval from regulators, should be finalised by the end of June and incorporates brands, factories and intellectual property rights.

Tata Motors said it does not anticipate any significant changes to Jaguar and Land Rover workers' terms of employment. It has also promised to preserve the "heritage and competitiveness" of both brands.

Ratan Tata, chairman of Tata Motors, said: "We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business."

"We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business."

Tata Motors beat One Equity Partners and Mahindra & Mahindra in the contest to be named Ford's preferred bidder to buy the Jaguar and Land Rover brands.

Tata's successful bid means it is now the employer of around 2,000 people in Halewood on Merseyside.