Tata close to deal with Ford for Jaguar and Land Rover
Tuesday, 25 Mar 2008 12:40
Tata close to deal with Ford for Jaguar and Land Rover
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Tata Motors has secured a deal to buy Ford's Jaguar and Land Rover brands for $2.65 billion (£1.33 billion), according to an Indian TV channel.
News channel NDTV Profit said the deal will be announced around midnight Indian time, citing unnamed sources.
But a Tata spokesperson would not confirm the report, saying discussions were ongoing.
The Financial Times on Monday said Ford would announce the sale of the luxury brands to Tata Motors for about $2 billion on Wednesday.
It is understood the companies are waiting for employees to return from their Easter break before making the announcement.
The sale would include a pledge by Ford to contribute to the pension fund for workers at Jaguar and Land Rover and a commitment by Tata to continue buying engines from Ford, the paper added.
Ford is looking to sell the brands to reduce its debt and named Tata as the front-runner in January.