Tata to acquire Jaguar, Land Rover for $2 bn

TATA TRIUMPHANT: Media reports say Tatas' bid of $2 billion has been accepted.

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New Delhi: Ford Motor Company is on the verge of naming the preferred bidder for its Jaguar and Land Rover units, with sources declaring Tata Motors as the frontrunner.

Ford has held talks with Tata, Mahindra and Mahindra and US private equity firm, One Equity Partners.

UK media reports say Ford has accepted Tata's bid of $2 billion for Jaguar and Land Rover.

The details of the deal are expected to be worked out in the next six weeks before the sale is completed.

Unions in the United Kingdom are seeking assurances that the sale would not affect employment levels.

Combined, Jaguar and Land Rover employ about 15,300 people in the UK.

A PTI report, quoting sources said that Mahindra & Mahindra had offered $1.90 billion.

Another source informed Reuters that Tata Motors was the preferred bidder, as it has the backing of the UK-based brands' unions and was viewed as a long-term owner that would invest in the units.

Ford is expected to choose a frontrunner to buy the brands around the end of this week.

With inputs from Reuters