Auto majors Tata Motors and Mahindra & Mahindra have submitted “preliminary” bids for Ford Motor Company’s Brit brands on the block — Jaguar and Land Rover, ET report says. Both companies have submitted their bids, which are “nothing more than initial expression of interest”. M&M will also likely to partner with private equity players for the bid. However, M&M Vice-Chairman Anand Mahindra refused to comment. The Tata group may partner either with PE players or with Italian ally Fiat.

Fiat, on its own, had reportedly turned down Ford’s offer for the two brands, although it was very interested in Land Rover and its American distribution footprint. Apart from the Indian auto companies, private equity players Cerberus Capital Management, Ripplewood Holdings and One Equity Partners are the other likely bidders.

These bids aren’t binding and Ford will likely disclose further plans for the two brands next week. Ford has already established contact with the bidders, including Tata Motors and M&M, and kicked off discussions. International media reported that no decision has been taken yet.

Last month Ford announced that it was working with financial advisors on various options for its Premier Automotive Group division, which includes Volvo, Jaguar and Land Rover. PAG lost $ 327 million last year and around $ 1.15 billion over three years.

Analysts have valued the two British brands at around $ 1.5 billion, though most of the valuation is driven by Land Rover whose products are doing well and whose distribution network is attractive to investors.

Analysts also say that Ford has clubbed the two brands because on its own Jaguar, which hasn’t made any profit in close to two decades, will not attract too much investor interest.

Thanks to some big-ticket deals by Indian companies, including the Corus deal by the Tata group and more recently the Whyte and Mackay deal by UB, Indian companies are now routinely sounded out every time an international asset is on the block. Both Tata Motors and M&M see considerable brand value in the two Ford companies including access to developed markets and top-end vehicle technology.