Indian carmaker Tata Motors and tractor manufacturer Mahindra & Mahindra are reportedly considering a bid for Jaguar and Land Rover in a deal estimated at roughly $1.5 billion. According to analysts, Tata is in negotiations with Fiat surrounding a deal to finance the bid for the British marques. The two carmakers are already in a joint-venture to produce Fiat cars in India, reports the Economic Times, and Fiat was also rumoured to be interested in acquiring Jaguar’s RWD architecture and Land Rover’s SUV platforms.

There’s also talk that one of a number of private equity firms could team with Tata as well, but we’ll have to wait until Ford makes its official announcement, which is due any day now. According to sources, Tata has instructed several merchant bankers to evaluate the possibility of a joint offer for Jaguar and Land Rover, and both Tata and M&M have recently signed confidentiality agreements.