Barely days before it launches the world's cheapest car, Tatas were on Wednesday named the preferred bidder for Ford's British luxury brands -- Jaguar and Land Rover.

The Indian conglomerate, in the meantime, said that it was hopeful of reaching an agreement over the sale in the coming weeks.

"Ford is committed to focused negotiations at a more detailed level with Tata Motors [Get Quote] concerning the potential sale of the combined Jaguar Land Rover business," said Ford Motor Company executive vice-president Lewis Booth, who is responsible for the company's Premier Automotive Group and Europe business.

Booth, however, added that no final decision on the sale has been taken yet, as there were issues to be addressed.

"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the coming weeks with a view to securing an agreement that is in the best interests of all parties concerned," Booth added.

Meanwhile, Tata Motors also said it was entering into a detailed discussion with Ford and was hopeful of inking a final deal soon.

"...we have had positive discussions so far with Ford concerning the possible purchase of Jaguar, Land Rover and we are now entering a period of more focused and detailed negotiations with Ford," a company spokesperson said in India.

While both the companies did not comment on the possible valuation of the sales, sources in the know of the development had said Tatas offered over $2 billion to acquire the two brands.