The Tata Group, parent entity of India’s largest truck and bus maker, has set in motion the process to bid for the takeover of Ford’s British brands Jaguar and Land Rover, the Hindustan Times reported Tuesday.
A company team has reportedly appointed Citigroup and JP Morgan as advisors for the proposed deal. The report quoted unnamed sources as saying the Tatas could place the bids by the end of September if Ford did not revise its plans because of financial market turbulence. Bids for Jaguar and Land Rover are valued in the range of $1 billion to $1.5 billion.
The purchase of the luxury nameplates would increase the global reach of Tata Motors, India’s third-biggest carmaker, and curb its reliance on the domestic market, Tata group chairman Ratan Tata said in an interview last month. Ford paid $2.5 billion for Jaguar in 1989 and $2.73 billion for Land Rover in 2000.