Mumbai, While speculations continue to circulate in India about a possible sale of Land Rover and Jaguar to Tata Motors, Ford Motor Company, which announced its second quarter results on Thursday, maintained that no final decisions have been made in relation to the sale of the two brands in its stable.
There was an expectation that Ford might announce the sale of these brands along with the second quarter results.
Apart from Tata Motors, the other Indian auto major Mahindra & Mahindra is also said to be among the shortlisted bidders for the luxury brands. Private equity players Cerebrus and Ripplewood Holdings are also believed to be in the race for the two brands.
Ford “cannot provide any timelines on the process” and “no final decisions have been made yet in terms of any potential sale,” said an e-mailed statement from Mr. John Gardiner, Director of Communications, Premier Automotive Group and Ford of Europe.
“We are now exploring in greater detail the potential sale of the combined Jaguar Land Rover business with selected parties who have expressed interest,” said Mr. Gardiner.
“We are pleased with the positive expressions of interest in the business the company has received and in the strength and quality of the interested parties.”
The objective of the sale would be to enable Ford to concentrate on its core business strategy, while ensuring Jaguar and Land Rover have the ownership, technology and investment structure they need to allow them to reach their full potential, said the statement.
The company’s stock price closed at Rs 730.65 on Thursday at the BSE, up Rs 4.65 from the previous day’s close. But the scrip has been on a declining trend having lost close to Rs 30 from Friday last when it closed at Rs 767.10.
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