Ford Motor has signed an agreement to sell Jaguar and Land Rover to India’s Tata Motors in London, and the US carmaker will announce details of the deal on Wednesday.

A person close to the deal said that Ford had signed an agreement sealing the deal, worth about $2bn, but was withholding making it public until it had briefed the two carmakers’ employees. Ford is expected to make an announcement before markets open in the US on Wednesday.