Indian conglomerate Tata has finally completed the buy-out of Ford's Land Rover and Jaguar companies in a deal worth £1.15 billion.

The deal incorporates the brands, intellectual property rights and factories. Tata is now the employer of around 2,000 people in Halewood on Merseyside.

Tata Motors said one of its principles is allowing the management and employees at Land Rover and Jaguar to use their experience and expertise to help grow the businesses.

"This is a momentous time for all of us at Tata Motors," said chairman Ratan N Tata. "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 beat One Equity Partners and Mahindra & Mahindra in the race to be named Ford's preferred bidder to buy the Jaguar and Land Rover brands.