Tata Motors [Get Quote] is assessing a bid for Ford's Jaguar and Land Rover marques, says a report in The Daily Telegraph. If completed, the deal would be one of India's biggest overseas takeovers.

Tata Motors, say sources, instructed advisers in the past fortnight to begin evaluating the merits of a joint offer for Jaguar and Land Rover. The two cars have been up for disposal by American car major Ford. Jaguar and Land Rover may fetch about $1.5bn (pound 735m), say analysts.

According to insiders, Tata Motors' evaluation of a bid was at an 'exploratory' stage and may not lead to a formal bid for the two brands, the Telegraph reported. Tata honchos were unavailable for comment.