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India's Tata Picked As Top Bidder For Jaguar, Land Rover

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Ford Motor Co. picked India's Tata Motors Ltd. as the top bidder for its Jaguar and Land Rover units, the Detroit automaker said Thursday.

Ford has entered into "focused negotiations at a more detailed level" with Tata, the company said in a statement, meaning Tata has become the preferred bidder for the storied British automakers.

"We will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned," Lewis Booth, executive vice president of Ford's European units, said in a statement.