London, Dec 16: Tata Group, led by Ratan Tata, is the preferred bidder for Jaguar and Land Rover - two of Britain's most famous car firms, and Ford is poised to name it in a fortnight.
Quoting sources, a leading news daily on Sunday reported Ford's choice of Tata will be a significant moment in the history of the car industry, marking the first time when a major western car group has been bought by an Indian company.
The other two bidders in the fray are India's Mahindra and Mahindra and American buyout group One Equity.
Tata is expected to pay about 1 billion pounds, although the exact amount is likely to be hammered out during detailed talks that will follow the preferred-bidder agreement.
Tata, a conglomerate, will have to negotiate a settlement with pension trustees, and a side deal with Ford over the continued supply of engines and other components.
Jaguar and Land Rover together employ 15,000 in Britain. It is understood that Tata plans to retain all three of the UK factories - at Solihull and Castle Bromwich in the Midlands and Halewood on Merseyside.
Ford decided to sell the two famous marques earlier this year as part of a restructuring plan aimed at restoring its financial health. Like its Detroit rivals, it has suffered from fierce foreign competition, and high pension and healthcare costs. It bought Jaguar in 1989, and Land Rover in 2000.