Tata Motors Ltd. has agreed to buy Ford Motor Co.'s Jaguar and Land Rover luxury units for $2.65 billion, India's NDTV Profit television channel reported today, citing people it didn't identify.
The agreement will be announced in London today, the television channel reported, without providing details.
``We're in discussions,'' said Debasis Ray, a Mumbai-based spokesman for Tata Motors, India's largest truckmaker. He declined to comment further on the television report.
Ford named Tata Motors on Jan. 3 as the preferred bidder for Jaguar and Land Rover. The purchase would give Tata Motors access to engines and gearboxes of two of the world's best-known luxury brands and an overseas sales network after only 10 years of making cars.
Buying Jaguar and Land Rover, which date back to Britain's colonial era, would give Tata Motors a presence outside Asia. Tata Motors controls more than half of India's truck market and about 17 percent of the nation's passenger-car sales.
Its shares gained 2.7 percent to 679.95 rupees at the close of trading on the Bombay Stock Exchange today.
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