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India's Tata may begin Jaguar due diligence
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India's Tata Motors Ltd. may start next week to acquire Ford Motor Co's Jaguar and Land Rover brands, Reuters cites the Hindustan Times reporting. The paper quoted a source close to the transaction saying that Senior Tata officials are already in London and they will start due diligence from next week. A spokesman for Tata declined comment. A person familiar with the matter said last week that Tata and its local rival Mahindra & Mahindra Ltd., along with U.S. buyout firms TPG and Ripplewood, were among those that have expressed interest in the British marques. The Hindustan Times said Citigroup was believed to be advising on the deal Tata, India's top bus and truck maker.
The newspaper also said Arun Gandhi was expected to lead the team of negotiators. Arun Gandhi is a director in the Tata group whom was involved in Tata Steel's acquisition of Corus. Ford said last month it was working with financial advisers on the best options for Jaguar and Land Rover. Sources have said Goldman Sachs, HSBC and Morgan Stanley are the banks on the deal.
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