According to a report by Automotive News, FoMoCo has agreed to sell its UK brands Jaguar and Land Rover to Tata Motors for more than $2 billion. A source familiar with the situation said that the deal was signed today and the companies plan to publicly announce the deal tomorrow.
Ford has declined to comment on the deal, saying “our first responsibility is to communicate with our employees.”
Reuters is also reporting that news channel NDTV Profit has confirmed the deal for $2.65 billion. The Indian TV station said the deal would be announced around midnight India time in London.
A Tata Group spokesman said discussions were still going on and the company has no position to give details on the deal.
“We have nothing to tell you now,” he said.
Source: Automotive News and Automotive News (Subscription Required)
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