Ford Motor Co. has picked India's Tata Motors Ltd. as the top bidder to buy Fords Jaguar and Land Rover units, the U.S. automaker said Thursday.
Ford said in a statement that it has entered into "focused negotiations at a more detailed level" with Tata, which means Tata has been picked as a preferred bidder for the storied British automakers.
"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned," Lewis Booth, executive vice president of Ford's European units, said in a statement. (AP)
Ford picks Tata for Jaguar, Land Rover bid