Indian bids possible for Land Rover, Jaguar

July 19, 2007

New Dehli, India - Indian automakers Tata and Mahindra are each reportedly considering a bid to buy Jaguar and Land Rover from struggling US auto giant Ford.

Media reports have pegged the deal as worth about $1.4-billion.

The Indian Business Standard daily quoted unnamed sources as saying Tata had appointed advisers to evaluate a bid and signed a confidentiality agreement with Ford to access financial details of the two brands, which have a combined British workforce of 19 000 people

Tata Steel bought Anglo-Dutch steelmaker Corus for $13.7-billion.

The move would be in keeping with Tata's growing appetite for overseas acquisitions; earlier in 2007 Tata Steel bought Anglo-Dutch steelmaker Corus for $13.7-billion (R94-billion), India's biggest foreign takeover yet.

The Economic Times reported that although Mahindra had formed a joint venture in 2007 with Renault and Nissan it had also signed a confidentiality agreement with Ford.

It said Mahindra's real interest was in Land Rover but, since the two brands were being offered as a package, it was looking at a combined bid. - AFP

(http://www.motoring.co.za)