Ford Motor Company has, as expected, named Indian car maker Tata as its preferred bidder in the long-running race to buy up-for-sale brands Jaguar and Land Rover.

Ford has said that it is 'committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar-Land Rover business'.

Between them Land Rover and Jaguar are expected to fetch up to a total of $2 billion for Ford. While much work remains to be undertaken before a deal is completed, Tata said it was confident a deal would be announced. Tata will make a better owner of Jaguar and Land Rover than Ford, according to boss Rata Tata, who has dismissed concerns that the lower-end carmaker would add little value to the luxury marques. He says the lack of overlap between Jaguar and Land Rover and Tata's current low-cost vehicle line-up would be an advantage.

Tata Motors was one of three organisations in the final running to acquire Jaguar and Land Rover. The two organisations that appear to have lost out are rival Indian manufacturer Mahindra & Mahindra and One Equity Partners, the JP Morgan backed private equity firm led by the former Ford chief executive Jacques Nasser.

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