LONDON: Indian business conglomerate Tata is expected to be named as the preferred bidder by US carmaker Ford for its marquee brands -- Jaguar and Land Rover -- in the next few days. On its bid to takeover the Ford brands, The Times said, "Tata, the Indian company trying to bring the world's cheapest car to the South Asian country, is expected to be named as the preferred bidder for Fords Land Rover and Jaguar brands in the next few days."

Quoting a source close to the development, the newspaper said an announcement is expected to be made in the coming days."A source said that although nothing could be confirmed, an announcement is expected in the next few days.... If Ford chooses Tata, it will be an historic moment for the car industry, marking the first time that a major Western car group has been bought by an Indian company," the report added.

Three bidders -- Indian conglomerates Tata, Mahindra and Mahindra, and American private equity firm One Equity -- are in the race for the luxury brands.Reportedly, the bids for Jaguar and Land Rover is in the range of 1.6 billion dollars to 2.2 billion dollars.Meanwhile, Wall Street Journal said, quoting people familiar with the process, that Tata seemed to have an edge for the takeover of the two luxury brands.

"Ford Motor Co is nearing a decision on the fate of its Jaguar and Land Rover brands, and a unit of Indian conglomerate Tata Group is seen as having an edge over others...," the report on its website said. Following the presentations of bidders on November 20, employee union leaders had supported the bid of Tata specially on account of the Indian group's manufacturing expertise. "Officials from the factories serving the iconic brands believe that the family-controlled Indian manufacturer would offer more long-term security than One Equity, the other leading bidder," London Times said.

Tata would also have to negotiate a settlement with pension trustees and a side deal with Ford over continued supply of engines and other components, it added."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," the newspaper said.