Mumbai: Tata Motors said Wednesday that an agreement has been reached with Ford Motor to buy two iconic British auto brands - Jaguar and Land Rover - for $2.3 billion in yet another high-notch acquisition by a globally ambitious Indian group.

"The transfer of ownership to Tata Motors is expected to close by the end of the next quarter, subject to applicable regulatory approvals," said a statement by the group, India's largest business house.

"The total amount to be paid in cash by Tata Motors for Jaguar, Land Rover upon closing will be approximately $2.3 billion. At closing, Ford will contribute up to approximately $600 million to the Jaguar, Land Rover pension plans."

The announcement comes barely a year after the group acquired Anglo-Dutch steel maker Corus for approximately $12 billion to catapult the Tatas as the fifth largest producer of the commodity in the world.

Tata officials said Ford will continue to supply Jaguar and Land Rover vehicle components for an agreed period in addition to a wide variety of technologies, such as environmental and platform technologies.

"We are very pleased at the prospect of Jaguar, Land Rover being a significant part of our automotive business," said Tata group chairman Ratan Naval Tata, 70, who has spearheaded the conglomerate's global acquisition bid in recent years.