Ford Motor Co., which is exploring the sale of its Jaguar and Land Rover brands, has contacted India’s Tata Motors and Mahindra & Mahindra for management meetings, the Economic Times said on Tuesday.
Citing industry insiders, the newspaper said the meetings would be followed by detailed due diligence.
Ford, the No. 2 U.S. auto maker, said last month it would continue talks with selected suitors for the marques.
A source familiar with the matter said in July that Tata and its local rival Mahindra & Mahindra, as well as U.S. buyout firms TPG and Ripplewood, were among those that had expressed interest in a possible bid.
A spokesman for Tata Motors said: “We do not wish to comment.” Mahindra & Mahindra could not be immediately reached.