“It’s pretty much there,” said one of the sources. “Dates can come and go, but it could be some time around March 26.”

An announcement had been expected at the start of this month, but was delayed as the two firms discussed their relationship, including technology sharing and Ford supplying engines and body parts for the two brands.

“They’ve made good progress on getting through the paperwork and it could well be soon after the Easter holidays,” said the second source. “I don’t think there’s been a lot of haggling about price.” A Ford spokesman said the deal had encountered no major roadblocks and was still expected in early 2008.

“Next Wednesday, March 26, is when insiders say Ford and Tata will unveil a memorandum of understanding confirming the deal, believed to be worth one billion pound,” Liverpool Daily Post reported.

Mopping funds

The report, however, added that full details of a final deal might not be released until the second quarter of the year. “The agreement was expected this week but now seems to have been delayed until after Easter (March 23),” it added. Ford and Tata had said in a joint statement in January that Indian firm has been selected the preferred bidder for the sale of Jaguar and Land Rover and the two companies would proceed with detailed discussions about a potential deal. Tata Motors is currently in the process of arranging funds for the deal.

On March 11, Tata Motors had announced that it would raise up to Rs 4,000 crore through issue of securities in domestic and foreign markets to part-fund its strategic business plans, including acquisitions and expansion.