Tata's JLR deal likely next week, says media report
Tata group's much-awaited acquisition of luxury car brands Jaguar and Land Rover is expected to be announced on Wednesday next week in a deal worth about one billion pounds.Updated: Mar 18, 2008 19:41 IST
Indian conglomerate Tata group's much-awaited acquisition of luxury car brands Jaguar and Land Rover is expected to be announced on Wednesday next week in a deal worth about one billion pounds, a media report said on Tuesday.
"Next Wednesday, March 26, is when insiders say Ford and Tata will unveil a memorandum of understanding confirming the deal, believed to be worth one billion pound," Liverpool Daily Post reported on Tuesday.
The report, however, added that full details of a final deal might not be released until the second quarter of the year.
"The agreement was expected this week but now seems to have been delayed until after Easter (March 23)," it added.
Ford and Tata had said in a joint statement in January that Indian firm has been selected the preferred bidder for the sale of Jaguar and Land Rover and the two companies would proceed with detailed discussions about a potential deal.
Tata Motors is currently in the process of arranging funds for the deal.
On March 11, Tata Motors had announced that it would raise up to Rs 4,000 crore through issue of securities in domestic and foreign markets to part-fund its strategic business plans, including acquisitions and expansion.