Today we have a bit of history in the making, especially if you follow Jaguar or Land Rover. Ford announced today that it has entered into an agreement to sell Jaguar and Land Rover to Tata Motors. Tata will pay $2.3 billion and after the sale is complete Ford will kick $600 million into the Jaguar and Land Rover pension plans.

The significance of the sale isn’t so much that the two luxury brands were sold, but instead who they were sold to. Tata is a full-line automaker based in India. The company produces cars, trucks, SUVs, medium- and heavy-duty trucks, buses, military vehicles and more. Tata’s most well-known car in the US is the Tata Nano. Even though the Nano is not sold here, the car received a lot of press coverage for having a starting MSRP of $2,500.

You can read the full press release here.