Indian manufacturer Mahindra is doing due diligence (evaluating assets for acquisition) on Ford’s Jaguar and Land Rover units, according to a Financial Times report published earlier today.
The report states that Mahindra, a well known manufacturer of tractors and work utes, is far more interested in buying Land Rover independently of Jaguar, but so far Ford is refusing to separate the two brands, as the blue oval is hoping to bundle the sale of Land Rover together with luxury brand Jaguar.
Mahindra is looking at Land Rover to not only acquire technology for its bread and butter work utes, but to also fill the gap of premium SUVs in its lineup. Mahindra recently brought the Pik-Up ute to Australia.
Will India get its hands on Jaguar and Land Rover? Between Mahindra and its rival, Tata Motors, the two Indian companies are the front runners in the race which also includes Cerberus Capital Management and One Equity Partners who recently acquired Chrysler.
Ford is expecting to finalise the deal by early to mid 2008.