- India's Tata Motors (TTM) will be named on Dec. 21 as the winning bidder in the auction for Jaguar and Land Rover, according to a report in Britain's Birmingham Post
newspaper. Tata will pay £1 billion, or about $2 billion, for the two Ford Motor luxury auto brands, said the newspaper, which is based near Jaguar and Land Rover's home in the British midlands.
Ford spokesman Mark Truby said the company plans no announcements regarding a sale of the prestigious British brands. He said the U.S. automaker is still on track to announce the sale of Jaguar and Land Rover early next year.
Tata is vying with another Indian automaker, Mahindra & Mahindra, as well as U.S. private equity firm One Equity Partners, for the units. Earlier this month those companies had submitted bids that ranged from $1.5 billion to $2 billion, said one person involved in the talks, who spoke on the condition of anonymity because they are confidential.