By IANS
Mumbai : Tata Motors Ltd was satisfied with the progress of negotiations with US carmaker Ford Motor Co to buy British marquee brands Jaguar and Land Rover and would soon reach an agreement, the company said here Monday.
Debasis Ray, spokesman for Tata Motors, said: “Tata Motors is pleased by the progress in the discussions with Ford to date and hopes that both parties can reach an agreement in the forthcoming weeks.”
The deal is expected to cost $2 billion.
India’s leading vehicle maker is engaged in talks with Ford to acquire its two luxury brands in Britain since it was chosen as the frontrunner to buy the brands in January.
Ford, which bought Jaguar in 1989 for $2.5 billion, and Land Rover in 2000 for $2.73 billion, is selling off the two iconic British luxury brands to recoup losses made in its American operations.
Ford had announced Jan 3 that it had picked Tata as the preferred bidder for its British units.
Tata was one of three bidders left in the race, the other two being fellow Indian carmaker Mahindra and Mahindra and buyout specialists One Equity, which is headed by former Ford chief executive Jacque Nasser.