India's Tata to Buy Jaguar, Land Rover from Ford

Tata, India's top carmaker, recently unveiled the world's cheapest car, called the Nano. Now, Tata is aiming for the other end of the market. The company announced Wednesday that it's buying British luxury automakers Jaguar and Land Rover from Ford for $2.3 billion. That's less than the price Ford paid for Jaguar alone, when it bought the British carmaker in 1989.

Tata is buying the two high-end automakers as demand for luxury cars is slowing down. Jaguar sales fell 33 percent at the beginning of the year.