The Indian automaker has become the preferred bidder for Ford's Land Rover and Jaguar brands.
Ford Motor Co. picked India's Tata Motors Ltd. as the top bidder for its Jaguar and Land Rover units, the Detroit automaker said Thursday.
Ford has entered into "focused negotiations at a more detailed level" with Tata, meaning it has become the preferred bidder for the storied British automakers, the company said in a statement.
"There is still a considerable amount of work to do, and while no final decision has been made, 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," Lewis Booth, executive vice president of Ford's European units, said in a statement.
Jaguar and Land Rover employees in the United Kingdom were told about the negotiations
Thursday morning shortly before the company made the announcement.
Ford spokesman Jay Ward in London would not say how much Tata had bid for the automakers, nor would he say if the other two bidders, Indian automaker Mahindra & Mahindra Ltd. (MAHM.F) and U.S. private equity firm One Equity Partners LLC, were still in the running.
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