Ford Motor Company has named Indian vehicle manufacturer Tata Motors as its preferred bidder for its up-for-sale Jaguar and Land Rover brands.


Tata is expected to pay about $2 billion for the companies as it nosed out both rival Indian carmaker Mahindra & Mahindra and US buy-out group One Equity to the prize.

It is expected Tata will retain all three U.K. factories where Jaguars and Land Rovers are produced — at Solihull, Castle Bromwich and Halewood.