Tata set to win Ford brands - reports

MUMBAI (Reuters) - Tata Motors is set to be named as the preferred buyer for Ford Motor's luxury brands Jaguar and Land Rover as early as Friday after beating rivals with a bid of around $2 billion, Indian and British media reported.

"The group has had its 1 billion pound bid ($1.98 billion) accepted by Ford ... The firm has beaten off competition from rival Indian firm Mahindra and Mahindra and private equity group One Equity Partners," the Birmingham Post reported, citing unnamed Land Rover sources.

"It is definitely Tata. There is one final meeting and so long as there are no last minute hitches, which are not expected, an announcement will be made on Friday," one of the sources said.

The Financial Times, citing people close to the situation, said Tata had pulled ahead of Mahindra & Mahindra and One Equity, with an offer in the range of $1.8 billion to $2.2 billion.

A spokeswoman for Tata declined to comment, as did a spokesman for Mahindra & Mahindra.

Ford has previously said it could announce the sale of Jaguar and Land Rover by the year-end or early next year.

Tata was seen as a front-runner, thanks to its larger size, its dealmaking record and its familiarity with the UK market.

Ford's UK union leaders last month backed Tata Motors' bid on the grounds that the workforce's interests would best be served by a partner "with an established presence and background in manufacturing".