March 25, 2008 / 10:30 AM / 10 years ago

Tata Motors to pay $2.65 billion for Ford brands: report

MUMBAI (Reuters) - India’s Tata Motors Ltd (TAMO.BO)(TTM.N) had closed a deal to buy Ford Motor Co’s (F.N) Jaguar and Land Rover brands for $2.65 billion, news channel NDTV Profit said on Tuesday, citing unnamed sources.

A combo of pictures shows the logos of carmakers Tata Motors of India (L), Jaguar (top R) and Land Rover (bottom R) during the first media day of the 78th Geneva Car Show March 4, 2008. Tata Motors Ltd was tight-lipped on Tuesday as speculation mounted that Ford Motor Co was set to announce this week the sale of its luxury brands Jaguar and Land Rover to the Indian firm. REUTERS/Denis Balibouse/Arnd Wiegmann

The television channel said the deal would be signed in London later on Tuesday.

However, a Tata Group spokesman said discussions were still going on and the company had no guidance to give on the deal.

“We have nothing to tell you now,” he said.

Tata Motors, India’s top vehicle maker, received union backing for the deal and was named the front-runner in January by Ford, which is seeking to shore up its balance sheet and reduce debt.

    ($1=40.15 rupees)

    Reporting by Hiral Vora; Editing by John Mair

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