Ford Motor Co. is near an announcement that it has agreed to sell British automakers Jaguar and Land Rover to India’s Tata Motors Ltd.

A person briefed on the roughly $2 billion deal says it has been signed by both sides. Employees of the two luxury automakers were being told of the agreement which is to be announced later Wednesday morning.

The person did not want to be identified because the sale hasn’t been formally announced.

Ford says it will use money from the sale to boost quality and product development at its main brand.