Tata to pay Ford less than $2.65 billion: source

LONDON (Reuters) - India's Tata Motors Ltd (TAMO.BO) (TTM.N) will pay Ford Motor Co (F.N) quite a bit less for Jaguar and Land Rover than a media report of $2.65 billon, a source close to the deal said on Tuesday.

"That figure of $2.65 billion is highly unlikely," the source said. "You have to come south from that by quite a bit."

Earlier, Indian news channel NDTV Profit said Tata Motors had signed a deal to buy the Jaguar and Land Rover brands for $2.65 billion.

(Reporting by Pete Harrison, writing by Dan Lalor)