STOCKHOLM - A consortium dominated by Swedish owners is ready to submit a cash bid for Ford Motor Co's Volvo car unit, the group's chief executive said on Monday.

We have told Ford that we are ready to submit a cash bid, that we have investors backing this, Peder Fast, Konsortium Jakob AB's CEO, told Reuters.

Fast said the consortium would move forward with a bid for the Swedish car unit provided Ford gave a positive response. The consortium has been in contact with Ford previously to express interest in the automaker.