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DETROIT – Ford Motor Co. officially unloaded its storied Jaguar and Land Rover businesses on Monday — netting the cash-strapped automaker a $1.7 billion boost that’s a mere third of what it paid for the two luxury brands.

India’s Tata Motors Ltd. said it had completed the purchase of the brands in a deal first announced March 26.

Tata is paying about $2.3 billion for the British brands, but Ford is paying about $600 million into the Jaguar-Land Rover pension fund.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.

“This is a momentous time for all of us at Tata Motors,” Tata Chairman Ratan N. Tata said in a statement. “Jaguar and Land Rover are two iconic British brands with worldwide growth prospects. We are looking forward to extending our full support to the Jaguar Land Rover team to realize their competitive potential.”

Tata confirmed David Smith, acting chief executive officer of the brands, will take the top job. The former chief financial officer took on the interim role after last month’s death of former CEO Geoff Polites. The 60-year-old Polites died after battling serious illness for the past two years.

Polites, who had been CEO since 2005, was credited with steering the brands through the sale process. Source CNBC