Ford Motor Company is selling two of its Premium Automotive Group brands - Jaguar and Land Rover - to the India-based Tata Motors for an estimated $2.85 billion, according to various reports.

This isn't exactly a secret to many folks in the biz, indeed rumors have been getting hotter recently and date back several months. But now sources familiar to the deal are saying that the official announcement will come tomorrow before the NYSE opens.

Last year, the aging Jaguar brand saw sales plummet 19% while sister-brand Land Rover happily increased sales by 18%. But the real reason is that Ford is looking to re-focus its efforts on its operations here in North America in an attempt to shake off a loss of $2.7 billion in 2007 and $12.6 billion in 2006.

As for how this affects satellite radio sales? Barely a drop in the bucket. Jaguar represents a total of 60,485 vehicles, while Land Rover pulled in 226,395 vehicles sold, last year.

[via Autoblog & Jalopnik]