Ford Motor today told Jaguar and Land Rover workers that it is in “focused negotiations” to sell the brands to India’s Tata Motors.
Ford of Europe Chairman Lewis Booth said in a statement: “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.”
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.”
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 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.
