Indian automobile firms Tata Motors and Mahindra and Mahindra are close to submitting revised bids for acquiring the Jaguar and Land Rover brands, according to reports in India.
It is not known whether the other bidder, private equity firm One Equity Partners, will also follow suit. The report cited sources saying that Tata Motors and M&M may revise their offers in the higher end of the band to £1.1 billion.
An analyst from Merrill Lynch had earlier valued the two companies at £750 million, it was claimed. Tata Motors and M&M executives declined to comment.