After a few years, things took a turn. Ford began to incur losses in its business with Jaguar Land Rover. Some estimates showed that Ford had spent $2.5 billion for Jaguar in 1989 and $2.7 billion for Land Rover in 2000, but managed to earn just $1.7 billion from the sales of the two brands. This was further fuelled by the global financial crisis in 2008, when Ford faced severe financial woes, pushing it to the brink of bankruptcy. During this time, Tata Motors grew into a significant player in the automotive industry in India. Ratan Tata decided to acquire Jaguar Land Rover from Ford. The total deal was executed for a mere $2.3 billion. Pravin Kadle, who was one of the members of the team that travelled with Ratan Tata to the US in 1999, said at a public event in 2015 that Bill Ford had thanked Tata, saying, “You are doing us a big favour by buying JLR.”