Final bids submitted for Jaguar, Land Rover-report

MUMBAI, Dec 6 (Reuters) - India's Tata Motors (TAMO.BO), Mahindra & Mahindra (MAHM.BO) and private equity firm One Equity Partners have submitted their final bids for Ford's (F.N) Jaguar and Land Rover brands, the Economic Times said on Thursday.

"The bids are competitive, and it will be a close call for (Ford)," the newspaper cited unnamed sources as saying.

The bids could be in the range of $1.5-$2 billion and it is possible that the bids may be revised when negotiations get underway, the paper said, without citing sources.

Each bid will include a set of caveats such as balance sheet health, management freedom and restructuring flexibility, the paper said, and Ford will use a combination of bid value and "obligation to local communities and employees", it said.

The Hindustan Times paper said final bids, after two rounds of indicative bids, were due to be placed on Wednesday, and were not subject to further changes.

It said final bids were likely to be in the range of $1.7-$2.2 billion, citing banking sources.

"Ford is expected to consider these bids later next week," it said, citing a source close to the transaction.

A spokeswoman for Tata declined comment. A spokesman for Mahindra did not immediately return calls.

Ford has said it could announce the sale of Jaguar and Land Rover, which a Merrill Lynch analyst had valued at up to $1.5 billion, by the year-end or early next year.

Mahindra, India's top utility vehicle maker, is bidding with buyout firm Apollo.

Ford's UK union leaders last month backed Tata Motors' bid, and some bankers and analysts believe the company, India's top vehicle maker, has the edge because of its size, its dealmaking record and its familiarity with the UK market.

For related story, see [ID:nBOM119469]. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)