Tata Motors close to inking deal with Ford

Tata Motors is on the verge of making automotive history. After demonstrating it can build the world's cheapest car, it is now set to acquire the iconic Jaguar and Land Rover - brands that are among the most expensive in the world. Sources close to developments at the company said Tata Motors has signed an agreement with Ford for both brands and that an announcement is expected mid-week, perhaps as early as Tuesday or Wednesday. It is still unclear how much Tata Motors will pay for the acquisition. Speculation is that both companies have agreed to a value in the region of $2-3 billion. To meet fund requirements, a consortium of banks including JP Morgan Chase, Citigroup, BNP Paribas, State Bank of India and Standard Chartered helped the Tatas raise $3 billion. Sources said that while a good part of this money would go towards funding the deal itself, the other part would be used to meet working capital requirements.