Auto India, Car India

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Ford Motor Co. will announce its agreement to sell its both luxury brands J&L to Tata Motors Ltd for about $2 billion on Wednesday.

This sale will include a promise by Ford to give to the pension fund for employees at J&L and a commitment by Tata to carry on buying engines from Ford.

To meet up the requirements, Tatas is launching a $3 billion syndicated loan, which includes Citigroup, STI, BNP Paribas, JP Morgan Chase and Standard Chartered.

Tatas have decided to keep a 3 British manufacturing facilities at Halewood, Solihull and Castle Bromwich where Ford provides work for 13,500 people.

Last year, Ford had set the both brands on sale after it faced a $12.6 billion loss (the largest in its 103 years old history).