Mumbai: Tata Motors Ltd, India's second-biggest manufacturer of commercial vehicles, hopes to sign an agreement with US automaker Ford Motor Co for acquiring its Jaguar and Land Rover units, in a few weeks.

"Tata Motors is pleased by the progress in the discussions with Ford to date," the New York-listed company said in a press release in Mumbai.

Tata Motors, which has emerged as the preferred bidder, beating rival Mahindra and Mahindra and PE firm One Equity Partners, to acquire the two brands, is in advanced discussions with Ford to take over the Jaguar and Land Rover brands globally.

"Tata Motors is pleased by the progress in the discussions with Ford to date and hopes that both the parties can reach an agreement in the forthcoming weeks," the release said.

Tata, however, has not revealed their strategy for the two British luxury brands in case of a deal, although the media reports suggested that it could partner Fiat.

Tata Motors, which has a joint venture with Fiat SpA to make cars, engines and transmissions in India, said it did not discuss the use of technologies developed by Jaguar and Land Rover with its Italian partner.

"Tata Motors, which is engaged in focused and detailed negotiations with Ford on the Jaguar Land Rover business, clarifies that the company has had no discussions with Fiat on deployment of technologies developed by Jaguar and Land Rover," the company said in the release.

Ford had announced January 3 that it had picked Tata as the preferred bidder for its British units.

Ford, which bought Jaguar in 1989 for $2.5 billion, and Land Rover in 2000 for $2.73 billion, is selling off the two iconic brands to recoup losses made in its American operations.

The deal is expected to cost Tata Motors around $2 billion.