Less than a year after acquiring Anglo-Dutch steelmaker Corus, Tata Group appears close to taking over the reins of Ford’s British marques - Land Rover and Jaguar, for which it is believed to have submitted a detailed offer of more than $2 billion.

The home-grown business conglomerate is understood to be leading the race for the two brands at close of second-round of bidding on Friday, media reports said here.

Six in fray
Other bidders include private equity firms One Equity Partners, the private-equity arm of American bank J P Morgan, and Ripplewood Holdings, according to a newspaper report. Jac Nasser, the former Chief Executive of Ford, is spearheading the bid of One Equity. Six contender were involved in the race before the latest round of bidding. The sale of the two brands is expected to complete in two months.

All interested parties have toured the two companies’ plants and seen the new Jaguar XF, a model that will go on sale in March and is regarded as crucial to the marque’s future. The sale of Jaguar and Land Rover is part of a radical reshaping of Ford, which is struggling to return to profitability.

Earlier this year, it sold Aston Martin and it is expected to sell Volvo, the Swedish car group.