News from Autonews that Tata Motors is in negotiations with Ford Motor Co., issuing the buy of Ford's Jaguar and Land Rover brands.
"Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business." , Lewis Booth said, Chairman of Ford Europe.
Booth added: "We will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned."
Ford had put its sports car marker: Jaguar, and SUVs makers: Land Rover for sales since June 2007.
Booth's statement is the first time Ford has revealed the identity of potential buyers for the brands.
Tata is India's leading producer of commercial vehicles and No. 2 in India for passenger cars.
In 2006 it built 580,000 vehicles, of which 54,000 were exported. Acquiring Jaguar Land Rover is part of an ambitious expansion program aimed at making Tata a major player in the global auto industry.
Tata will now gain access to more in-depth financial information on the two companies, which will allow it to adjust its eventual offer to Ford.
Tata said today it was pleased with the progress in talks with Ford.
"We have had positive discussions so far with Ford concerning the possible purchase of Jaguar/Land Rover and we are now entering a period of more focused and detailed negotiations," a spokesman said in a statement. "We are pleased by the progress in the discussions to date and very positive about the prospects of this business going forward," the statement said.
The statement from Tata said the discussions were complex.
"We hope both parties can reach an agreement in the forthcoming weeks, though these are complex discussions and there is still much work that needs to be done before that position is reached," it said.
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