India's Tata Motors Ltd and Mahindra & Mahindra Ltd have submitted revised bids for Ford Motor Co's Jaguar and Land Rover brands, CNBC-TV18 news channel reported on Monday, citing unnamed sources.
Their earlier bids for the luxury brands were in the range of $1.8-$2.0 billion, and the companies had now bid higher, the TV channel said, without specifying details.
A Tata group spokesman declined comment, while a Mahindra spokesman did not immediately return a call seeking comment.
Local newspapers last week had reported final bids in the range of $1.5-$2.2 billion had been placed by Tata Motors, Mahindra and Apollo, as well as JP Morgan-backed One Equity Partners, the bidders on the final shortlist.
Ford has said it could announce the sale of Jaguar and Land Rover, which a Merrill Lynch analyst had valued at up to $1.5 billion, by the year-end or early next year. (Reporting by Rina Chandran; Editing by Mark Williams)