Tata Motor's JLR in race to buy UK Grand Prix circuit: Report

London: Tata Motors owned Jaguar Land Rover (JLR) is reportedly examining a bid worth millions of pounds to buy Britain's Formula One Grand Prix track, according to a media report.

The luxury car maker has prepared its bid for Silverstone - one of the UK's best known racing circuits, according to documents seen by 'The Financial Times'.

JLR is believed to have asked property consultant Cushman & Wakefield to draw up a valuation for the Northamptonshire track in the East Midlands region of England in July.

Under the terms being considered, Silverstone would become JLR's home and would include a "heritage centre" to display the company's fleet of cars, offices for up to 1,000 staff and a hotel and visitor centre, the newspaper reports.

Cushman & Wakefield advised the company that the market value for the circuit, industrial units and land for potential development would be 22.7 million pounds.

It is understood that negotiations are in very early stages with no certainty that an agreement could be reached.

Silverstone is currently owned by the British Racing Driver's Club, which has been responsible for developing the track into one of the world's most high-profile tracks for more than 50 years.

"We continually look to invest and grow our business operations in the UK and constantly evaluate a wide range of opportunities which are confidential," a JLR spokesperson said.

Over the past five years under the Tata Group's ownership JLR has invested nearly 11 billion pounds in new facilities.

A spokesperson for the British Racing Drivers' Club, which owns Silverstone, said: "The British Racing Drivers? Club receives confidential approaches from a number of different parties attracted to the iconic Silverstone circuit and considers these on their merits.

"Should an attractive offer be received from any party, the BRDC board would seek a mandate from Club members before progressing it. We have no further comments to make on the recent press reports."