Tata, Mahindra may bid for Land Rover, Jaguar
Afp, New Delhi
Indian automakers Tata Motors and the Mahindra group are considering separate bids to buy luxury British car brands Jaguar and Land Rover from struggling US carmaker Ford Motor Corp, according to media reports on Thursday. Ford announced last month that it was considering selling off the two iconic marques as it restructures its North American operations. Media reports have pegged the deal as worth around 1.3 billion to 1.5 billion dollars. Tata Motors, India's biggest automobile company, has appointed advisors to evaluate a bid and signed a confidentiality agreement with Ford to access financial details of the two brands which have a combined British workforce of 19,000, the Business Standard daily quoted unnamed sources as saying. The move would be in keeping with Tata group's growing appetite for overseas acquisitions. Earlier this year, Tata Steel bought Anglo-Dutch steelmaker Corus for 13.7 billion dollars, India's biggest ever foreign takeover.
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