Tata Motors says to buy Ford brands for $2.3 bln

MUMBAI, March 26 (Reuters) - India's Tata Motors Ltd (TAMO.BO: Quote, Profile, Research, Stock Buzz) said on Wednesday it has agreed to buy luxury brands Jaguar and Land Rover from Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) for about $2.3 billion.

Tata Motors (TTM.N: Quote, Profile, Research, Stock Buzz) said in a statement that Ford would contribute up to about $600 million to Jaguar/Land Rover pension plans.

Tata Motors, India's top bus and truck maker, has been in talks with Ford since it was chosen as the front-runner to buy Jaguar and Land Rover a few days into 2008.

Shares in Tata Motors, also India's No. 3 car maker, closed down 0.1 percent at 679.40 rupees in a Mumbai market .BSESN that fell 0.8 percent. (Reporting by Sumeet Chatterjee; Editing by John Mair)