On Tuesday it was confirmed that Indian car giant Tata would be buying Jaguar and Land Rover from Ford for an estimated $2 billion (£1 billion).

Ford, which signed the deal on Tuesday, plans to publicly announce the transaction in New York on Wednesday, according to a source cited by Reuters.

Tata is the most powerful vehicle producer in India, accounting for around 20 per cent of India's car market and over 50 per cent of its trucks.

Ford said in June of 2007 that it planned to sell Jaguar and Land Rover together to the same buyer. Earlier this year Tata was chosen as the frontrunner for a takeover.