It's lap two of the Jaguar -Landrover deal with Indian rivals Tatas and Mahindras on the verge of concluding their due diligence, the deal still looks to be anyone's game.

The Tatas are speeding ahead with their bid to acquire the iconic Jaguar and Landrover brands from US auto major Ford. Sources say Tata Motors has completed its due diligence of the two Ford brands and Tatas are said to be going it all alone for the brand acquisitions - atleast for now.

The Tata group is learnt to have appointed Citibank and JP Morgan Chase as its advisors and financiers for the deal.

Mahindra and Mahindra are not far behind and are expected to complete its due diligence in the next few days. But unlike the Tatas, M&M is likely to tie up with us private equity major Apollo for the Jaguar and Landrover bid.  Sources tracking the deal say large private equity players are emerging as strong contenders as the deal is progressing. 

Some of the frontrunners among them could be former Ford president, Nick Scheele, who has joined hands with New York-based private equity player Ripplewood holdings.

Scheele is pitted against Jacques Nasser, ford's former chief executive. Nasser is partnering one equity partners an affiliate of JPMorgan chase to bid for the two brands.