Mumbai: Tata Motors is likely to sign an agreement to acquire Ford Motor's UK luxury brands Jaguar and Land Rover in the next two weeks, agency reports citing labour union sources said.
The report quoted Dave Osborne, national secretary for vehicle building at Unite, as saying there are no roadblocks to a deal.
Unite, the main union representing workers at Land Rover and Jaguar, with about 12,000 members there, however, said the negotiations are complex.
The negotiations between Tata Motors and Ford Motors are expected to close soon and the deal could be concluded "within weeks," union sources said.
Tata Motors and Ford are now focusing on the future relationship as the two luxury models get engines and body parts from Ford's plants in south Wales and Dagenham, east London.
Ford and Tatas are expected to share technology and intellectual property rights, the source added.
Tata Motors, meanwhile, is planning to raise $3 billion in loans from nine banks, including Citigroup Inc. and JPMorgan Chase & Co., to finance the acquisition, according to three people with direct knowledge of the deal.
A successful acquisition of the two UK car brands will make Tata Group's overseas presence the biggest for any Indian company.