Tata Motors is seeking loans of about $3bn to fund its planned purchase of Ford Motor’s Jaguar and Land Rover marques as the company moves closer to sealing the takeover, people familiar with the matter said.

India’s second largest carmaker has assigned Citigroup and JPMorgan, its financial advisers on the acquisition, to arrange the financing with a range of other international and domestic banks taking part in the talks. The loan, which is expected to be mostly short-term bridge financing, is bigger than the anticipated purchase price of the deal, estimated at about $2bn.