After nearly two years of on-and-off negotiations, Tata Motors has finally finalised a joint venture for its UK subsidiary Jaguar Land Rover (JLR) with China's state-owned Chery Automobile.
C Ramakrishnan, chief financial officer at Tata Motors, told reporters today that JLR has already selected a partner for assembling cars in China, but did not identify the partner and refused to elaborate further.
But according to a few Chinese media, Tata Motors has concluded talks with Wuhu, Anhui Province-based Chery, China's seventh-largest automaker by production.
Both companies intend to make an announcement once they obtain approvals from local regulators.
It is understood that the JV will initially focus on Land Rover, which includes setting up an engine production facility and a research and development centre.
However, Tata Motors has not committed any plans for the Jaguar, but intends to continue to import and sell it in China way it is currently doing.