Tata Motors, a subsidiary of the Indian Tata group is set to take over British luxury marques Jaguar and Land Rover from Ford.
Ford stands to make around £1 billion (about $2.05 billion / Rs 8,000 crore) from the sale.
Tata won over two other bidders , namely, Indian car company, Mahindra & Mahindra and American private equity group, One Equity.
If it works out, this will be the first time ever that an Indian company has taken over a Western auto company.
Jaguar dealers in the US are worried that the take over might hurt the brand image. Ken Gorin, chairman of the Jaguar Business Operations Council, reportedly said:
I don't believe the US public is ready for ownership out of India of a luxury car make...
Read "Tata hits image problems in the U.S."