India's Tata, Mahindra eyeing Jaguar, Rover: report

MUMBAI (Reuters) - India's Tata Motors Ltd. (TAMO.BO) and Mahindra & Mahindra Ltd. (MAHM.BO) are exploring the possibility of bidding for Ford Motor Co.'s (F.N) Jaguar and Land Rover brands, the Economic Times reported on Thursday.

Tata Motors, India's top vehicle maker, may finance a bid with joint venture partner Fiat (FIA.MI) or with private equity firms, the newspaper said, citing sources in the industry.

A Tata Motors spokesman declined comment on the report.

A spokesman for Mahindra said the report was speculative.

The Daily Telegraph newspaper had earlier reported Tata Motors had instructed advisers to evaluate the merits of a joint offer for Jaguar and Land Rover, valued at about $1.5 billion.

It had said Tata Motors' evaluation of a bid was at an "exploratory" stage and may not lead to a formal bid.

Ford said last month it was working with financial advisers on the best options for the two premium brands. There have also been reports that it may sell its successful Swedish unit Volvo.

But Jaguar and Land Rover are expected to attract limited interest, sources have told Reuters. Initial indications of value are due to Ford on July 19, they have said.