Mahindra & Mahindra is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford, but its preference is for the UK utility vehicle-maker rather than the luxury marque, say people close to the situation.

As well as the Indian carmaker, other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings and One Equity Partners. Tata Motors of India is also in the fray, Ratan Tata, head of the Tata Group, said last week.