TV says Tata signs Ford deal; Tata says talks ongoing

MUMBAI (Reuters) - Tata Motors Ltd has closed a deal to buy Ford Motor Co's Jaguar and Land Rover brands for $2.65 billion, news channel NDTV Profit said on Tuesday, citing unnamed sources.

The Indian television channel said the deal would be announced around midnight Indian time (1830 GMT) in London.

However, a Tata Group spokesman said discussions were still going on and the company had no guidance to give on the deal.

"We have nothing to tell you now," he said.

CNBC TV-18, also citing unnamed sources, said the deal was likely to be signed on Wednesday and details of the agreement would be known only after the sale purchase agreement was signed by Tata Motors.

Ahead of the TV report, shares in Tata Motors rose 2.7 percent to a three-week closing high of 679.95 rupees, in a Mumbai market that surged 6.1 percent.

Tata Motors, India's top vehicle maker, received union backing for the deal and was named the front-runner in January by Ford, which is seeking to shore up its balance sheet and reduce debt.

Tata Group chairman Ratan Tata and Tata Motors Managing Director Ravi Kant are scheduled to hold a media conference on the company's pick-up trucks at the Bangkok auto show on Thursday.

On Monday, Kant declined to answer questions on the Ford deal at a function in Mumbai for Fiat India Automobiles, the Indian joint venture between Tata and Italy's Fiat.