New Delhi: TATA Groups' established presence in UK has finally paid off. The Jaguar-Land Rover Union has said that Tata Motors is its favoured bidder in the race for Ford's two big brands.
Jaguar-Land Rover Union thinks Tata is a better bidder because of good synergy, lack of private equity support and an established presence in UK.
Mahindra & Mahindra (M&M) too participated in the presentations along with the Tatas.
The Jaguar-Land Rover Union made a statement which read:
"First of all M&M's bid is linked with Apollo, which is a private equity company and we have got major issues with private equity in the UK.
Secondly, although Anand Mahindra stressed that he is interested in the two brands, we saw the reports that were written in the UK at that time and that gave us food for thought as to whether M&M was only interested in the Land Rover brand or was it interested in the other two brands too.
Finally, M&M as a company in terms of revenues is actually smaller than Jaguar & Land Rover. That was the reason we backed the Tatas.
To be fair, M&M made an interesting presentation, but we feel that our members' best interests would be served by Tata."
Anand Mahindra himself represented the M&M team during presentation.
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