Homegrown auto major Tata Motors has clinched the Jaguar and Land Rover (JLR) deal estimated to be valued between $2-2.5 billion.
According to sources close to the development, the deal was signed last evening and is estimated to have cost the Tatas between $2-2.5 billion.
When contacted a Tata Motors spokesperson said the company would make an announcement at an "appropriate time". Ford on the other hand has been insisting that they would make public the deal only after it has informed its employees.
The sources said the formal announcement of the deal is likely to be made at 5.30 pm IST.
The deal has taken almost nine months to finalise as both Ford and Tata and their financiers sought to iron out issues seen as crucial to the future of the two British marques. It is expected to cover long-term supply of engines to both brands from Ford.