Apollo ties up with Mahindra and Mahindra for the two British Marques

American private equity group, Apollo teaming up with Mahindra and Mahindra (M&M) has joined the race for Jaguar and Land Rover. Bidders will make presentations to John Hutton, the secretary of state for business and enterprise and to union leaders. Jaguar and Land Rover are being sold as single unit. Together they employ 15000 in UK and have large plants in Castle Bromwich and Solihull in Midlands and Halewood on Merseyside. Ford is likely to raise more than one billion pounds from the sale although bidders have to assume a sizeable pension deficit. The winning bidder is likely to have to secure an agreement with the trustees of the pension funds on how the current deficit will be funded before being able to complete the deal.