Tata Motors is running a ruler over Ford’s Jaguar and Land Rover units according to a report published here in the UK on Wednesday.
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The Daily Telegraph newspaper said the automaker, headed by India’s best-known businessman Ratan Tata, was understood to have recently told advisers to consider an offer for the two brands which analysts suggest are worth around $US1.5bn (GBP735m).
Tata [fending off requests from both the paper and local news agencies] and Ford declined to comment but the Daily Telegraph, citing “people close to the situation”, said evaluation was “exploratory” and might not lead to a formal bid. Tata Motors was also said to have signed a confidentiality agreement with Ford recently.
The paper noted that Ratan Tata steered India’s biggest foreign takeover, acquiring British steel maker Corus through his Tata Steel business for GBP6.7bn, while the automotive unit has been drawing up plans to launch a $US2,500 car, the world’s cheapest.
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