London, Mar 25: Ford Motors is due to announce a long-awaited agreement to sell Jaguar and Land Rover to India's Tata Motors tomorrow, according to media reports here. The sale is expected to be at about 2 billion dollars and will include a pledge by Ford to contribute to the two brands' pension fund, and by Tata to continue buying engines from Ford, both sensitive points with trade unions.
According to the 'Financial Times, all major details of the sale was already agreed by last week, the announcement of the deal had been awaiting the return to work of Jaguar's employees, who are still on Easter leave till today, so that Ford can brief them on it first. ''There will be an announcement tomorrow, about noon UK time, assuming everything gets signed off,'' a person close to the deal told the 'Financial Times' yesterday. Ford is not commenting on the timing of the announcement, but recently said there were 'no major roadblocks' preventing it. Tata said its discussions with Ford were ongoing, but declined to comment.