Tata was today taking over Jaguar and Land Rover in a “bargain” £1 billion deal that is set to create 2,000 new engineering jobs in the West Midlands.

The Indian conglomerate is understood to have been in extensive talks with agencies in the West Midlands about setting up a new research and development centre to support its European businesses, which also includes steel company Corus.

Today’s deal with current owner Ford was described by analysts as great business. Ford paid £1.6 billion for Jaguar in 1989, following this up with another £1.7 billion for Land Rover just eight years ago.

The Indian company already has around 300 people working on R&D at Warwick University, but talks have centred on a brand new development on Coventry’s 100-acre former airfield site at Ansty. Sources close to the talks suggest it would employ up to 2,000 engineering staff.

Around 16,000 existing UK jobs were also secured today by the sell-off.

Land Rover is driving record sales around the world and the widely acclaimed Jaguar XF is set to revitalise the leaping cat brand.

Full story in tonight’s Express & Star.